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HSR Second Request

What is an HSR Second Request?

HSR Second Request is a legal discovery procedure wherein the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice investigate certain proposed mergers and acquisitions, especially those that may lead to anticompetitive results, to evaluate the potential impact of those transactions on U.S. Commerce.

HSR Second Requests are part of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the governing law for pre-merger antitrust investigations that requires companies to file a notice to relevant agencies for certain types of M&A activity.

After companies report a proposed M&A deal, the agencies do a preliminary review to determine whether the merger or acquisition raises any antitrust concerns. Any areas of concern undergo additional review and examination by either the DOJ Antitrust Division and/or the FTC, depending on the subject matter and industry in question.

If a deeper review is warranted, the agencies issue a second request (hence the name) for additional information that regulators then examine further.

How does an HSR Second Request relate to eDiscovery?

HSR Second Requests are similar to other eDiscovery projects, but on an expedited schedule. Companies hire battalions of lawyers and experts to help move through the HSR Second Request process quickly and effectively.

There is more M&A activity today than ever before. An experienced team, speed, and accuracy are the main ingredients to a successful government review of your merger or acquisition. A typical HSR Second Request project involves more data, more compressed timelines, and more complex searches, reviews (including heightened privilege reviews), and productions to the regulatory agencies. eDiscovery companies work hard to maintain the same quality of processes in HSR Second Request projects as they achieve in typical eDiscovery legal projects.

Interested in learning more about Second Requests? Download the model FTC guide to HSR Second Requests.