15 USC 18 - Premerger notification and waiting period

Editorial Notes

References in Text

The antitrust laws, referred to in subsecs. (c) and (d), are defined in section 12 of this title.

This Act, referred to in subsec. (i)(1), is act Oct. 15, 1914, ch. 323, 38 Stat. 730, known as the Clayton Act, which is classified generally to sections 12, 13, 14 to 19, 21, and 22 to 27 of this title, and sections 52 and 53 of Title 29, Labor. For further details and complete classification of this Act to the Code, see References in Text note set out under section 12 of this title and Tables.

The Federal Trade Commission Act, referred to in subsec. (i)(2), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classification of this Act to the Code, see section 58 of this title and Tables.

The Antitrust Civil Process Act, referred to in subsec. (i)(2), is Puspan. L. 87–664, Sept. 19, 1962, 76 Stat. 548, which is classified principally to chapter 34 (§ 1311 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1311 of this title and Tables.

Codification

December 21, 2000, referred to in subsec. (e)(1)(B), was in the original “the date of the enactment of this Act” which was translated as meaning the date of enactment of Puspan. L. 106–553, which enacted subsec. (e)(1)(B), to reflect the probable intent of Congress.

Subsection (j), which required the Federal Trade Commission, with the concurrence of the Assistant Attorney General, to report annually to Congress on the operation of this section, terminated, effective May 15, 2000, pursuant to section 3003 of Puspan. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 172 of House Document No. 103–7.

Amendments

2000—Subsec. (a). Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(a)], amended subsec. (a) generally, reenacting introductory provisions, par. (1), and concluding provisions without change, adding par. (2), and striking out former pars. (2) and (3) which read as follows:

“(2)(A) any voting securities or assets of a person engaged in manufacturing which has annual net sales or total assets of $10,000,000 or more are being acquired by any person which has total assets or annual net sales of $100,000,000 or more;

“(B) any voting securities or assets of a person not engaged in manufacturing which has total assets of $10,000,000 or more are being acquired by any person which has total assets or annual net sales of $100,000,000 or more; or

“(C) any voting securities or assets of a person with annual net sales or total assets of $100,000,000 or more are being acquired by any person with total assets or annual net sales of $10,000,000 or more; and

“(3) as a result of such acquisition, the acquiring person would hold—

“(A) 15 per centum or more of the voting securities or assets of the acquired person, or

“(B) an aggregate total amount of the voting securities and assets of the acquired person in excess of $15,000,000.”

Subsec. (e)(1). Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(c)], designated existing provisions as subpar. (A) and added subpar. (B).

Subsec. (e)(2). Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(d)(1)], substituted “30 days” for “20 days”.

Subsec. (k). Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(d)(2)], added subsec. (k).

1999—Subsec. (c)(7). Puspan. L. 106–102, § 133(c)(1), inserted before semicolon at end “, except that a portion of a transaction is not exempt under this paragraph if such portion of the transaction (A) is subject to section 1843(k) of title 12; and (B) does not require agency approval under section 1842 of title 12”.

Subsec. (c)(8). Puspan. L. 106–102, § 133(c)(2), inserted before semicolon at end “, except that a portion of a transaction is not exempt under this paragraph if such portion of the transaction (A) is subject to section 1843(k) of title 12; and (B) does not require agency approval under section 1843 of title 12”.

1989—Subsec. (c)(7). Puspan. L. 101–73, § 1214(1), inserted reference to section 1467a(e) of title 12.

Subsec. (c)(8). Puspan. L. 101–73, § 1214(2), struck out reference to section 1726 or 1730a(e) of title 12.

1984—Subsec. (f)(2). Puspan. L. 98–620 struck out designation “(A)” before “upon the filing”, and struck out subpar. (B) which had provided that if the Federal Trade Commission or the Assistant Attorney General certified that he or it believed that the public interest required relief pendente lite pursuant to this subsection, the motion for a preliminary injunction had to be set down for hearing by the district judge so designated at the earliest practicable time, would take precedence over all matters except older matters of the same character and trials pursuant to section 3161 of title 18, and had to be in every way expedited.

Statutory Notes and Related Subsidiaries

Effective Date of 2000 Amendment

Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(e)], Dec. 21, 2000, 114 Stat. 2762, 2762A–111, provided that: “This section [amending this section and provisions set out as a note under this section] and the amendments made by this section shall take effect on the 1st day of the 1st month that begins more than 30 days after the date of the enactment of this Act [Dec. 21, 2000].”

Effective Date of 1999 Amendment

Amendment by Puspan. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Puspan. L. 106–102, set out as a note under section 24 of Title 12, Banks and Banking.

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–620 not applicable to cases pending on Nov. 8, 1984, see section 403 of Puspan. L. 98–620, set out as an Effective Date note under section 1657 of Title 28, Judiciary and Judicial Procedure.

Effective Date

Puspan. L. 94–435, title II, § 202, Sept. 30, 1976, 90 Stat. 1394, provided that: “The amendment made by section 201 of this Act [enacting this section] shall take effect 150 days after the date of enactment of this Act [Sept. 30, 1976], except that subsection (d) of section 7A of the Clayton Act [subsec. (d) of this section] (as added by section 201 of this Act) shall take effect on the date of enactment of this Act.”

Department of Defense Notification of Certain Transactions

Puspan. L. 118–31, div. A, title VIII, § 857, Dec. 22, 2023, 137 Stat. 346, provided that: “The parties to a proposed merger or acquisition that will require a review by the Department of Defense who are required to file the notification and provide supplementary information to the Department of Justice or the Federal Trade Commission under section 7A of the Clayton Act (15 U.S.C. 18a) shall concurrently provide such information to the Department of Defense during the waiting period under section 7A of the Clayton Act (15 U.S.C. 18a).”

Assessment and Collection of Filing Fees

Puspan. L. 101–162, title VI, § 605, Nov. 21, 1989, 103 Stat. 1031, as amended by Puspan. L. 101–302, title II, May 25, 1990, 104 Stat. 217; Puspan. L. 102–395, title I, Oct. 6, 1992, 106 Stat. 1847; Puspan. L. 103–317, title I, Aug. 26, 1994, 108 Stat. 1739; Puspan. L. 106–553, § 1(a)(2) [title VI, § 630(span)], Dec. 21, 2000, 114 Stat. 2762, 2762A–109; Puspan. L. 117–328, div. GG, title I, § 101, Dec. 29, 2022, 136 Stat. 5967, provided that:

“(a) Five working days after enactment of this Act [Nov. 21, 1989] and thereafter, the Federal Trade Commission shall assess and collect filing fees established in subsection (span) which shall be paid by persons acquiring voting securities or assets who are required to file premerger notifications by the [sic] section 7A of the Clayton Act (15 U.S.C. 18a) and the regulations promulgated thereunder. For purposes of said Act, no notification shall be considered filed until payment of the fee required by this section. Fees collected pursuant to this section shall be divided evenly between and credited to the appropriations, Federal Trade Commission, ‘Salaries and Expenses’ and Department of Justice, ‘Salaries and Expenses, Antitrust Division’: Provided, That fees in excess of $40,000,000 in fiscal year 1990 shall be deposited to the credit of the Treasury of the United States: Provided further, That fees made available to the Federal Trade Commission and the Antitrust Division herein shall remain available until expended.

“(span) The filing fees referred to in subsection (a) are—

“(1) $30,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is less than $161,500,000 (as adjusted and published for each fiscal year beginning after September 30, 2023, in the same manner as provided in section 8(a)(5) of the Clayton Act (15 U.S.C. 19(a)(5)) to reflect the percentage change in the gross national product for such fiscal year compared to the gross national product for the year ending September 30, 2022);

“(2) $100,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is not less than $161,500,000 (as so adjusted and published) but is less than $500,000,000 (as so adjusted and published);

“(3) $250,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is not less than $500,000,000 (as so adjusted and published) but is less than $1,000,000,000 (as so adjusted and published);

“(4) $400,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is not less than $1,000,000,000 (as so adjusted and published) but is less than $2,000,000,000 (as so adjusted and published);

“(5) $800,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is not less than $2,000,000,000 (as so adjusted and published) but is less than $5,000,000,000 (as so adjusted and published); and

“(6) $2,250,000 if the aggregate total amount determined under section 7A(a)(2) of the Clayton Act (15 U.S.C. 18a(a)(2)) is not less than $5,000,000,000 (as so adjusted and published).

“(c)

(1) For each fiscal year commencing after September 30, 2023, the filing fees in this section shall be increased by an amount equal to the percentage increase, if any, in the Consumer Price Index, as determined by the Department of Labor or its successor, for the year then ended over the level so established for the year ending September 30, 2022.

“(2) As soon as practicable, but not later than January 31 of each year, the Federal Trade Commission shall publish the adjusted amounts required by paragraph (1).

“(3) The Federal Trade Commission shall not adjust amounts required by paragraph (1) if the percentage increase described in paragraph (1) is less than 1 percent.

“(4) An amount adjusted under this section shall be rounded to the nearest multiple of $5,000.”

[Another section 101 of div. GG of Puspan. L. 117–328 is set out as a note under section 1 of this title.]