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Hart Scott Changes Impact FPIs
The Federal Trade Commission has recently changed the exemption rules for foreign issuers. The rules have been broadened, with the most significant impact being seen on the threshold allowed for exemption, and the change of focus from the nationality of a purchaser in an M&A transaction to the national standing of the acquired assets. The new rules will impact what is reportable under Hart-Scott-Rodino, so make you take advantage of this 5 page white paper to make certain your company is current with these changes. Changes in Foreign Exemption Rules The Federal Trade Commission has published new and improved rules exempting certain acquisitions of foreign assets or foreign voting securities from the premerger notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act. These new rules:
History of the Changes On February 1, 2001, the FTC published comprehensive revisions to the rules under HSR, implementing the December 2000 legislative amendments to HSR. These were the first major changes to HSR since its passage in 1976. At the same time, the FTC published proposed rules that would revise the acquisitions of foreign assets and foreign voting securities by U.S. persons and foreign persons, (i.e. existing rules 802.50 and 802.51), to increase the dollar thresholds applicable to foreign acquisitions and otherwise make the foreign exemptions consistent with the December 2000 legislative revisions. The final version of these rules was published on March18, 2002 and became effective on April17, 2002. Acquisitions of Foreign Assets – Rule 802.50 Under this new rule, an acquisition of assets located outside the United States is exempt unless the foreign assets held as a result of the transaction generated sales in or into the United States exceeding $50 million during the acquired person’s most recently completed fiscal year. Where the $50 million threshold is exceeded, the acquisition of foreign assets is nonetheless exempt if:
Additional Notes on Acquisitions of Foreign Assets [continued...] Want to know more? Download the White Paper "Hart Scott Changes Impact FPIs" for just $9.95. People who ordered this paper also ordered: |
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