United States of America: FTC announces changes to its second request process including merger control

On 28 September 2021, the Federal Trade Commission (FTC) announced changes to its second request process. Generally speaking, the Hard-Scott-Rodino Act provides the Federal Trade Commission (FTC) and Department of Justice (DOJ) with 30 days to undertake an initial investigation and request further information if needed. Such requests for further information are called "second requests" and are made by the FTC to companies that have filed to merge when more information is required to analyze the legality of the process. Following the announced changes, the FTC's analysis of the legality of a merger will cover more factors than before when assessing potential harm to competition. These factors include but are not limited to the effect on labour markets, cross-market effects, and the effect of investors on market incentives to compete.