The ruling impacts those with HSR filings expected to be submitted on or after February 20, 2026.
By Kyra K. Bromley, Patrick C. English, and Peter M. Todaro
Updated on February 19, 2026
On February 19, 2026, the Fifth Circuit granted an administrative stay, which keeps the “new” Hart-Scott-Rodino (HSR) premerger notification form in place and temporarily stays the district court’s order vacating the new form. The administrative stay will last until further order from the Fifth Circuit.
The move furthers the administration’s agenda to challenge the status of independent agencies.
On March 18, 2025, President Trump removed two Democratic members of the Federal Trade Commission (FTC or the Commission). A Republican nominee for commissioner remains pending before the Senate. The removals, which leave the five-member Commission with two active commissioners, are consistent with the Trump administration’s stated intention to challenge the status of independent federal agencies.
The removals are unlikely to affect many operations of the FTC
Navigating Trump administration executive orders impacting regulatory freezes at key agencies.