HSR Update: Old, Shorter Form Likely In Use Through At Least 2026

On May 18, 2026, the FTC and DOJ filed an unopposed motion asking the Fifth Circuit to hold their appeal in abeyance through December 31, 2026. The agencies say they are weighing revisions to the vacated 2024 HSR rule, building on the March 25, 2026 request for information (comments close May 26). They aim to issue a notice of proposed rulemaking by the end of the year and will report to the court every 60 days. The plaintiffs—the U.S. Chamber of Commerce and three other trade associations—do not oppose.

For the back story—the February 12 vacatur in the Eastern District of Texas, the short administrative stay, and the March 19 denial of the FTC’s stay motion—see our earlier post, HSR in Turmoil: Back to the Old Form, at Least For Now.

During any abeyance, the agencies have confirmed they will accept filings using the pre-February 2025 form and instructions. With both sides aligned and a rulemaking already underway, the Fifth Circuit is likely to grant the motion. Practically, that means the old “new” form is the one everyone should use through the rest of 2026 at minimum. A new “new” form will eventually appear—Chairman Ferguson has flagged that deeper cuts may be in order—but its shape will not be visible for months. For transactions in the pipeline, plan around the old form and keep the 2024 form’s expanded materials within reach for deals likely to draw closer agency scrutiny.

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