Informal Interpretations

Informal interpretations provide guidance from previous staff interpretations on the applicability of the HSR rules to specific fact situations. You should not rely on them as a substitute for reading the Act and the Rules themselves. These materials do not, and are not intended to, constitute legal advice.

Learn more about Informal Interpretations.

Displaying 41 - 60 of 3969

1407005 Informal Interpretation

Staff:
Michael Verne
Rule:
Form Items 1(e), 1(f) and 4

Response/Comments

They can do one form with the acquired entity filing on behalf of both UPEs in Items 1(e) and 1(f). Only the financials for the acquired entity need to be submitted in response to Item 4.

1407003 Informal Interpretation

Staff:
Michael Verne
Rule:
802.9

Response/Comments

1. Neither shareholder can claim the exemption 2. While we would not view the filing of a Schedule 13-G with the SEC as dispositive in claiming the solely for purpose of investment it may be one...

1407001 Informal Interpretation

Staff:
Michael Verne
Rule:
801.11(e), 801.1

Response/Comments

1. Correct- 801.11(e) says "securities" not "voting securities". We have interpreted this to mean voting and non-voting securities, as well as non-corporate interests. 2. Agree KW...

1407002 Informal Interpretation

Staff:
Michael Verne
Rule:
801.1(b), 801.1(c)

Response/Comments

I think this is still right, except in the case of certain "closely held" 401(k) plans (generally for the benefit of one or a very few individuals, e.g., family). We have seen instances of...

1406019 Informal Interpretation

Staff:
Michael Verne
Rule:
Brokerage Statements / Investment Account Statements

Response/Comments

Not regularly prepared (Redacted). It can be something that' s prepared internally (the language you quote), but not tax documents and not something prepared in the context of a transaction...

1406017 Informal Interpretation

Staff:
Michael Verne
Rule:
Joint Venture (JV) Formation

Response/Comments

06/26/2014 Group A- We agree no filing required for these steps under continuum Group B - We agree, file for the formation of Aggregator with C as the acquiring person

1406018 Informal Interpretation

Staff:
Michael Verne
Rule:
Distribution from Blind-Pool Funds

Response/Comments

(Redacted) - We agree - the decision to distribute shares rather than cash is completely out of the control of the investor and at the discretion of the fund. We'd also be surprised if the...

1406011 Informal Interpretation

Staff:
Michael Verne
Rule:
801.40, 802.4, 802.30(c)

Response/Comments

We agree that nothing prior to the formation of Holdco is reportable. As to the formation, because LP1 is contributing more than 50% of the interests in A, Band C, it is deemed to be contributing all...

1406015 Informal Interpretation

Staff:
Michael Verne
Rule:
Fonds Communs de Placement a Risques (FCPRs)

Response/Comments

06/25/2014 We-would agree that the FCPRs are not entities for HSR purposes and therefore cannot control anything or be controlled, so the LuxCo would be its own UPE.

1406016 Informal Interpretation

Staff:
Michael Verne
Rule:
Corrective Filing Fee

Response/Comments

06/25/2014 I don't think it matters who paid the fee. It was a different acquiring UPE that filed so it's a different transaction requiring a new filing fee. If we started applying that...

1406012 Informal Interpretation

Staff:
Michael Verne
Rule:
Leveraged Acquisition

Response/Comments

(Redacted)- on first blush (Redacted) description sounded like more than merely arranging (esp. "doing everything"). We didn't realize that we had made such a bright line distinction...

1406014 Informal Interpretation

Staff:
Michael Verne
Rule:
Voting Trust

Response/Comments

06/24/2014 (Redacted) - We don't think it would be the voting trustee because he is just voting the shares in his fiduciary role of trustee, but since the voting trust is irrevocable, we would...

1406008 Informal Interpretation

Staff:
Michael Verne
Rule:
801.1, 802.2(c)

Response/Comments

We think this lost something in translation from the other law firm. Unless the corporation is also a government agency, it would be an entity and its own UPE in a potentially reportable acquisition...

1406007 Informal Interpretation

Staff:
Michael Verne
Rule:
803.12

Response/Comments

We think the gating issue is whether the foreign to foreign deal involves an HSR. If it does, we think the rule would catch what you describe below. If there is no HSR, it's moot of course. KW...

Pages