In a significant development for antitrust practitioners and dealmakers, the U.S. Court of Appeals for the Fifth Circuit denied the Federal Trade Commission’s motion for a stay pending appeal in the long standing litigation over the agency’s revised Hart-Scott-Rodino (HSR) filing requirements. The immediate consequence is a reversion to the pre-February 10, 2025 HSR filing
Unsheathing its Sword: CFIUS Seeks Judicial Enforcement
Overview
On February 9, 2026, the United States filed suit in the United States District Court for the District of Columbia to enforce a July 2025 presidential order compelling the divestment of Jupiter Systems – a US company – by the Chinese company Suirui Group. The acquisition was consummated in 2020, and neither Suirui Group
From Bark to Bite: Team Telecom’s Tougher Oversight on Foreign Access
Overview
On January 8, 2026, the Federal Communications Commission (FCC) announced a landmark settlement with the Marlink, a satellite and ground station operator, marking the first-ever enforcement of a Team Telecom national security mitigation agreement. Initiated after a referral from the Department of Justice’s National Security Division (DOJ), the investigation revealed that Marlink violated the
FTC Releases Shutdown Plan, Will Continue to Accept HSR Filings
The Federal Trade Commission (“FTC”) released a shutdown plan dated September 29, 2025, outlining how it will operate during this lapse in appropriations.
FTC Commissioners are presidential appointees and are excepted from furlough during the shutdown. According to the shutdown plan, furloughs will be issued on a rolling basis for the staff to properly address
Treasury’s Latest Moves: Fast-Track for Foreign Investors & Outbound AI Investment Inquiry
The U.S. Department of the Treasury (“Treasury”) has been active in the context of the Committee on Foreign Investment in the United States’ (“CFIUS”) and the Outbound Investment Security Program (“OISP”). The main updates relate to: (1) Treasury’s announcement of an intent to launch a Fast Track Pilot Program under CFIUS for Foreign Investors; and (2) the review of Silicon Valley firm Benchmark Capital’s investment in Manus AI, a Chinese-linked startup.
Trump Administration issues America First Investment Policy
Positive Development for Investors from Allied Nations
In a further solidification of the Administration’s efforts to isolate identified adversaries and strengthen U.S. leadership key strategic technologies, the Administration issued the America First Investment Policy Memorandum with the stated aims to maintain the country’s “open investment environment” towards allies and partners, while also protecting it from “new and evolving threats” arising from foreign adversaries. Id.
Proskauer Hedge Fund Trading Guide — Chapter 4: Stock Acquisitions: Key Requirements and Timing Considerations of Hart-Scott-Rodino
Proskauer’s Practical Guide to the Regulation of Hedge Fund Trading Activities offers a concise, easy-to-read overview of the trading issues and questions we commonly encounter when advising hedge funds and their managers. It is written not only for lawyers, but also for investment professionals, support staff and others interested in gaining a quick understanding of the recurring trading issues we tackle for clients, along with the solutions and analyses we have developed over our decades-long representation of hedge funds and their managers.
U.S. Department of the Treasury issues final regulations implementing Executive Order 14105 Targeting Tech Investment in China
On October 28, 2024, the U.S. Department of the Treasury (Treasury) issued final regulations (“Final Rule”) implementing Executive Order 14105, which addresses investments by U.S. persons in certain identified technologies in “Countries of Concern”, including The People’s Republic of China, The Special Administrative Region of Hong Kong, and The Special Administrative Region of Macau. The regulations will go into effect on January 2, 2025.
Countdown to 2025: New HSR Premerger Disclosure Rules
The Federal Trade Commission (FTC) has issued a final rule significantly expanding premerger notification and reporting requirements under the Hart-Scott-Rodino Act (HSR Act). While the scope of reportable transactions remains unchanged, the new rule will dramatically expand the disclosure requirements.
Long-Awaited Revisions to HSR Reporting Rules Set to Take Effect This January
The Federal Trade Commission (“FTC”) has announced a final rulemaking on a unanimous vote that will expand the reporting requirements for mergers and acquisitions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). The new reporting requirements will go into effect after the new year in mid-January 2025. No changes will be made