Fifth Circuit grants abeyance in Hart-Scott-Rodino Act (HSR) appeal May 26, 2026 On May 26, 2026, the US Court of Appeals for the Fifth Circuit granted the Federal TradeCommission’s (FTC) unopposed motion to hold its appeal in abeyance inChamber of The appeal arises from the district court’s decision vacating the FTC’s 2024 rule, overhauling and greatly expanding thereporting requirements under the HSR Act. In seeking abeyance, the FTC explained that it is “seriously considering potentialrevisions” to the HSR notification requirements, and that the current aim is to publish any notice of proposed rulemaking furtherrevising the HSR reporting requirements by the end of 2026. During the abeyance, the FTC will continue to accept HSR filings •Plan with greater timing certainty, but remain flexiblelonger-term. Parties should continue to monitor potential What this means The grant of abeyance, and the FTC’s stated rationale, •Remain mindful of document creation going forward.Materials prepared today (including strategic plans,competition analyses and transaction-related documents) •There will be no near-term appellate resolution of thedistrict court’s vacatur of the FTC’s 2024 HSR rule•Any changes to the HSR form are more likely to comethrough revised rulemaking•The current (pre-2025) HSR regime is likely to remain Contacts Christopher Gordon Practical takeaways Partner, Washington DCT +1 202 626 6284E christopher.gordon@squirepb.com •Parties should use the prior HSR form as the default forcurrent filings. The reduced upfront burden (including morelimited narrative and document requirements) should Michael Wise Partner, Washington DCT +1 202 457 5239E michael.wise@squirepb.com •Expect continued agency engagement during thewaiting period. Even under the prior form, agenciesmay seek additional information informally, particularly Mary Walser Of Counsel, Washington DCT +1 202 457 5249E mary.walser@squirepb.com •Consider targeted supplemental disclosures whereappropriate. In higher-risk deals, providing focusedadditional detail upfront may still help shape agency