The second issue is the $11k/d fines, and they apply only under HSR, of course. The issue here is that HSR filing requirements are vague, especially item 4(c). Also, there is no written intent requirement. If a person diligently searches but misses a 4(c), it is still subject to fines from the date of the filing obligation if that 4(c) document shows up two years later, for example, as part of a Second Request on an follow-on transaction. The agencies do not have to show intent. Section 7A(g)(1) mentions only the “failure to comply,” and contains no subjective element. (I realize, of course, that in practice agencies impose fine in egregious cases—but I would like to see the statute or at least rules explicitly limit fines to cases that deserve fines.)