Competing effects of new HSR Rules and the current administration have been observed on merger applications this year, yet the number of yearly HSR filings remains consistent up until 2025.

In a significant development, the new presidential administration in the United States has adopted a pro-merger attitude towards antitrust reviews, which could be contributing to the trends in HSR filings.

The Hart-Scott-Rodino (HSR) Act filings, a crucial indicator of merger and acquisition activity, have seen a dramatic change since the implementation of the New HSR Rules on February 10, 2025. This marks the biggest overhaul of premerger notification filings in the US since the Hart-Scott-Rodino Act in 1976.

The New HSR Rules require merging parties to provide additional information, such as reports prepared for the CEO, drafts of transaction-related documents shared with any board member, and English translations of foreign language documents. This increased transparency is aimed at providing a more comprehensive understanding of the proposed mergers.

The distribution of HSR filings throughout the year varies considerably. However, the new administration's pro-merger stance could potentially influence the distribution of filings, leading to an increase in filings in the second half of 2025.

From February 2025 to March 2025, HSR filings decreased 61%, and there were 35% fewer filings in March 2025 compared to March 2024. This decline was likely due to parties completing their filings before the New HSR Rules took effect. However, from January and February of 2025, there were increases in HSR filings compared to the previous two years, with a massive spike of 70% in February 2025 compared to February 2024.

The steady increase in HSR filings throughout Q2 2025 and into Q3 2025 could be attributed to the new administration's pro-merger attitude. Once parties adjusted to the New HSR Rules, the HSR merger filings stabilized in Q2 2025.

The FTC and DOJ's approach towards remedies now focuses on potential benefits to innovation from the remainder of the merger. This shift in strategy has led to the announcement of remedies in multiple industries, suggesting a broader application of the pro-merger approach. The FTC and DOJ have announced at least seven remedies, including divestitures, in various industries such as aerospace, communications hardware, software, and one behavioral fix.

This pro-merger approach could incentivize parties to seek out more mergers, as the FTC and DOJ's focus is now on the potential benefits to innovation from the remainder of the merger. FTC Commissioner Melissa Holyoak emphasized the importance of considering divestitures that can preserve lost competition from mergers.

The change in approach has contrasted with the previous administration's litigation-focused strategy. The new administration's approach may encourage more parties to pursue transactions, leading to an overall increase in HSR filings. Specific companies causing an increase in HSR filings from April to August 2025 are not publicly detailed, but the rise was due to firms adapting to new HSR rules introduced early 2025, leading to more comprehensive and timely filings to comply with updated reporting standards.

By August 2025, monthly HSR filings increased 128% from the low in March 2025, reflecting the familiarity with the new regime. This increase in filings could be a positive sign for the US economy, indicating increased business confidence and investment.

In conclusion, the new presidential administration's pro-merger stance has significantly impacted the HSR filings in the US. The increased transparency, focus on innovation, and encouragement of mergers could lead to a more dynamic and competitive business environment.

Competing effects of new HSR Rules and the current administration have been observed on merger applications this year, yet the number of yearly HSR filings remains consistent up until 2025.