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Date
Rule
New HSR Form - Plans and Reports
Staff
Michelle Fetterman
Response/Comments

No, Plans and Reports provided to the Board of Directors do not have to be created by or for the filer. Both examples below would be responsive Plans and Reports.

Question

From: Fetterman, Michelle 
Sent: Friday, March 21, 2025 11:17:43 AM (UTC-05:00) Eastern Time (US & Canada)
To: [Redacted]
Cc: HSRHelp 
Subject: RE: "Plans and Reports" Question

No, Plans and Reports provided to the Board of Directors do not have to be created by or for the filer. Both examples below would be responsive Plans and Reports.


From: [Redacted]
Sent: Wednesday, March 19, 2025 3:35:58 PM (UTC-05:00) Eastern Time (US & Canada)
To: HSRHelp 
Subject: "Plans and Reports" Question

Good afternoon,

We are seeking guidance regarding the scope of “Plans and Reports.” Specifically, do “Plans and Reports” have to be created by or for the filer?

For example:

A third-party industry report (either publicly available or for purchase/subscription) is provided to the Board of Directors as part of a package of materials in preparation for a quarterly Board meeting. The third-party industry report analyzes market shares, competition, competitors, and/or markets pertaining to products or services identified in the “Overlap Description.” The third-party industry report was prepared for public distribution, and not at the filer’s request or by a third party seeking an engagement. Is this a responsive “Report”?

An article from a prominent newspaper is provided to the Board of Directors. The article analyzes market shares, competition, competitors, and/or markets pertaining to products or services identified in the “Overlap Description.” Is this a responsive “Report”?

About Informal Interpretations

Informal interpretations provide guidance from PNO staff on the applicability of the HSR rules to specific fact situations. They do not necessarily reflect the position of the Commission. 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.