On the same day it released its final Hart-Scott-Rodino Act (HSR) Rules,1 the Federal Trade Commission (FTC) released the Hart-Scott-Rodino Annual Report for Fiscal Year 2023 (the Report),2 which includes Hart-Scott-Rodino Act filing (HSR filing) statistics for the most recent year available (October 1, 2022 to September 30, 2023) and provides a rich dataset to assess the outcome of the US Department of Justice (DOJ) and FTC’s enforcement efforts. In 2023, we analyzed these and other data across prior administrations.3 The latest data set shows a continuation of trends we highlighted previously: 1. Although the total number of HSR filings submitted in FY 2023 plummeted from the previous year, not much changed in terms of the overall likelihood that an HSR-reportable deal will be investigated, receive a Second Request, result in an enforcement action, or result in litigation. The number of HSR filings submitted so far in FY 2024 is moderately higher than those submitted in FY 2023 based on statistics released so far.
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