FTC to Let Commissioners Access 2nd Request M&A Documents

The FTC is changing how it investigates mergers and acquisitions, including making second requests accessible to all commissioners, the Competition Bureau announced Tuesday. Commissioner Rohit Chopra said his motion to “better secure ‘second requests’ and other information related to merger investigations” got 5-0 approval from the commission. “Commissioners have long been left in the dark on key documents,” Chopra tweeted. “For years, I was denied access to ‘second requests’ and other deliberative information, even as outside parties and FTC alumni got inside info.” Commissioner Christine Wilson recently tweeted about the lack of access. Before the change, access to second requests was granted only at the discretion of the chair. Staff will now provide the full commission with access through a secure system. The FTC is expanding the scope of market competition factors in second requests, potentially involving labor markets, cross-market effects and investment firm activity. Companies now must provide “certain foundational information,” including specifics on business operations and data maintenance, before submitting requests for modifications. The bureau said the changes are an attempt to make the best use of limited resources amid a recent surge in M&A filings.