Update: New HSR Rules Remain In Effect Under Fifth Circuit Administrative Stay

As noted in our previous OnPoint, on February 12, 2026, a U.S. District Court granted summary judgment for the U.S. Chamber of Commerce vacating the Federal Trade Commission’s (FTC) sweeping changes to the Hart-Scott-Rodino (HSR) notification and report form (the new HSR Rules) that took effect in early 2025. The court issued a seven-day stay to allow the FTC time to seek emergency relief from the Court of Appeals for the Fifth Circuit.

On February 18, 2026, after the district court denied the FTC’s emergency motion for a stay pending appeal, the FTC filed in the Fifth Circuit (1) a notice of appeal, and (2) a motion for a short-term administrative stay and a stay pending appeal. The plaintiffs did not oppose an administrative stay through March 2, 2026, citing the need to provide filing parties with clarity regarding which HSR form to file while the court considers the FTC’s motion for the stay pending appeal, but opposed any further stay.

On February 19, 2026, the Fifth Circuit ordered an administrative stay of the district court’s vacatur until a further order is issued. The order also set deadlines for the plaintiffs’ response brief (February 23, 2026), and the FTC’s reply brief (February 26, 2026).

For now, HSR filers should continue to comply with the new HSR Rules. We will provide further updates as the situation develops.