Fifth Circuit Denies FTC Motion to Stay Order Vacating Revised HSR Rules

This afternoon, the U.S Court of Appeals for the Fifth Circuit, which is hearing the FTC’s appeal of a February 2026 federal district court decision that vacated the revised HSR rules that have been in effect since February 2025, denied the FTC’s motion to stay that decision pending its appeal. 

The FTC promptly issued a statement (available here) explaining that in light of the 5^th Circuit’s decision it will accept filings using the HSR Form and Instructions that were in place before February 10, 2025; that it is in the process of updating its website and HSR materials to effectuate the court’s order; and that filers are permitted to voluntarily use the new HSR form if they choose. Filers that have been preparing to file in the near term using the new form may therefore choose not to file using the previous form in the interest of time—although, as a practical matter, for most filers the new HSR form requires significantly more information and time to prepare.

The FTC’s appeal of the district’s court’s decision remains pending. The FTC’s brief is due April 20, 2026.

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