Client Alert: Congress Increases Merger Filing Fees, Adds Subsidy Reporting Requirements, and Allows State AGs to Block MDL Consolidation
Publications
December 30, 2022
Bottom Line: President Biden signed the Merger Filing Fee Modernization Act of 2022, bringing notable changes to the merger filing process and state antitrust enforcement. The Act does the following: 1) Dramatically increases merger filing fees for the largest transactions while decreasing fees for middle-market deals; 2) Requires disclosure of certain foreign subsidies; and 3) Allows state attorneys general to avoid consolidation of state antitrust cases into multidistrict litigation.
Large transactions will require higher filing fees
The Act updates premerger notification filing fees under the Hart-Scott-Rodino (“HSR”) Act. Deals valued at less than $1 billion will have fees reduced to a range between $30,000 and $250,000. For transactions valued between $1 billion and $2 billion, the fee will be $400,000; deals between $2 billion and $5 billion will come with an $800,000 fee; and the fee for mergers above $5 billion will be $2.25 million.
The changes do not take immediate effect, so for now the fee structure that has been in place for the last twenty years will remain, with fees capped at $280,000 for transactions valued at $1,009.8 million or greater. Going forward, both the fee thresholds and fees themselves will be adjusted annually based on the Consumer Price Index.
The increase in fees will result in an estimated additional $1.4 billion in funding available to the FTC and DOJ over five years according to the Congressional Budget Office, increased resources that proponents of the higher fees say is necessary to fund agency enforcement priorities. Dealmakers can therefore expect continued aggressive enforcement from better funded agencies.
Companies will need to report subsidies received from certain foreign actors
The Act also requires parties making HSR pre-merger notification filings to disclose subsidies received from foreign entities “of concern,” such as those controlled by governments like China, Russia, and Iran, or entities associated with specifically designated foreign nationals. In addition to the competitive effects such subsidies may have, the reporting requirement is intended to address concerns over the impacts of such subsidies on U.S. national security.
State attorneys general can now prevent MDL consolidation
Finally, the Act allows state attorneys general suing under federal antitrust law to avoid consolidation into multidistrict litigation. This will allow attorneys general to prevent antitrust cases from being consolidated and transferred to a venue outside the home state, which could have the effect of forcing parties to defend functionally identical litigation simultaneously in several locations, an inefficiency the MDL process was designed to avoid, and instead allowing each state’s AG its own “home court advantage.” This provision is not retroactive and will apply only to matters filed after the Act’s enactment.
Main Takeaway
Significantly higher filing fees and increased disclosure requirements add several risks to the deal making process in an already aggressive antitrust landscape. Companies should seek experienced counsel to guide them through these issues.
Large transactions will require higher filing fees
The Act updates premerger notification filing fees under the Hart-Scott-Rodino (“HSR”) Act. Deals valued at less than $1 billion will have fees reduced to a range between $30,000 and $250,000. For transactions valued between $1 billion and $2 billion, the fee will be $400,000; deals between $2 billion and $5 billion will come with an $800,000 fee; and the fee for mergers above $5 billion will be $2.25 million.
The changes do not take immediate effect, so for now the fee structure that has been in place for the last twenty years will remain, with fees capped at $280,000 for transactions valued at $1,009.8 million or greater. Going forward, both the fee thresholds and fees themselves will be adjusted annually based on the Consumer Price Index.
The increase in fees will result in an estimated additional $1.4 billion in funding available to the FTC and DOJ over five years according to the Congressional Budget Office, increased resources that proponents of the higher fees say is necessary to fund agency enforcement priorities. Dealmakers can therefore expect continued aggressive enforcement from better funded agencies.
Companies will need to report subsidies received from certain foreign actors
The Act also requires parties making HSR pre-merger notification filings to disclose subsidies received from foreign entities “of concern,” such as those controlled by governments like China, Russia, and Iran, or entities associated with specifically designated foreign nationals. In addition to the competitive effects such subsidies may have, the reporting requirement is intended to address concerns over the impacts of such subsidies on U.S. national security.
State attorneys general can now prevent MDL consolidation
Finally, the Act allows state attorneys general suing under federal antitrust law to avoid consolidation into multidistrict litigation. This will allow attorneys general to prevent antitrust cases from being consolidated and transferred to a venue outside the home state, which could have the effect of forcing parties to defend functionally identical litigation simultaneously in several locations, an inefficiency the MDL process was designed to avoid, and instead allowing each state’s AG its own “home court advantage.” This provision is not retroactive and will apply only to matters filed after the Act’s enactment.
Main Takeaway
Significantly higher filing fees and increased disclosure requirements add several risks to the deal making process in an already aggressive antitrust landscape. Companies should seek experienced counsel to guide them through these issues.
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
Publications
December 30, 2022
Bottom Line: President Biden signed the Merger Filing Fee Modernization Act of 2022, bringing notable changes to the merger filing process and state antitrust enforcement. The Act does the following: 1) Dramatically increases merger filing fees for the largest transactions while decreasing fees for middle-market deals; 2) Requires disclosure of certain foreign subsidies; and 3) Allows state attorneys general to avoid consolidation of state antitrust cases into multidistrict litigation.
Large transactions will require higher filing fees
The Act updates premerger notification filing fees under the Hart-Scott-Rodino (“HSR”) Act. Deals valued at less than $1 billion will have fees reduced to a range between $30,000 and $250,000. For transactions valued between $1 billion and $2 billion, the fee will be $400,000; deals between $2 billion and $5 billion will come with an $800,000 fee; and the fee for mergers above $5 billion will be $2.25 million.
The changes do not take immediate effect, so for now the fee structure that has been in place for the last twenty years will remain, with fees capped at $280,000 for transactions valued at $1,009.8 million or greater. Going forward, both the fee thresholds and fees themselves will be adjusted annually based on the Consumer Price Index.
The increase in fees will result in an estimated additional $1.4 billion in funding available to the FTC and DOJ over five years according to the Congressional Budget Office, increased resources that proponents of the higher fees say is necessary to fund agency enforcement priorities. Dealmakers can therefore expect continued aggressive enforcement from better funded agencies.
Companies will need to report subsidies received from certain foreign actors
The Act also requires parties making HSR pre-merger notification filings to disclose subsidies received from foreign entities “of concern,” such as those controlled by governments like China, Russia, and Iran, or entities associated with specifically designated foreign nationals. In addition to the competitive effects such subsidies may have, the reporting requirement is intended to address concerns over the impacts of such subsidies on U.S. national security.
State attorneys general can now prevent MDL consolidation
Finally, the Act allows state attorneys general suing under federal antitrust law to avoid consolidation into multidistrict litigation. This will allow attorneys general to prevent antitrust cases from being consolidated and transferred to a venue outside the home state, which could have the effect of forcing parties to defend functionally identical litigation simultaneously in several locations, an inefficiency the MDL process was designed to avoid, and instead allowing each state’s AG its own “home court advantage.” This provision is not retroactive and will apply only to matters filed after the Act’s enactment.
Main Takeaway
Significantly higher filing fees and increased disclosure requirements add several risks to the deal making process in an already aggressive antitrust landscape. Companies should seek experienced counsel to guide them through these issues.
Large transactions will require higher filing fees
The Act updates premerger notification filing fees under the Hart-Scott-Rodino (“HSR”) Act. Deals valued at less than $1 billion will have fees reduced to a range between $30,000 and $250,000. For transactions valued between $1 billion and $2 billion, the fee will be $400,000; deals between $2 billion and $5 billion will come with an $800,000 fee; and the fee for mergers above $5 billion will be $2.25 million.
The changes do not take immediate effect, so for now the fee structure that has been in place for the last twenty years will remain, with fees capped at $280,000 for transactions valued at $1,009.8 million or greater. Going forward, both the fee thresholds and fees themselves will be adjusted annually based on the Consumer Price Index.
The increase in fees will result in an estimated additional $1.4 billion in funding available to the FTC and DOJ over five years according to the Congressional Budget Office, increased resources that proponents of the higher fees say is necessary to fund agency enforcement priorities. Dealmakers can therefore expect continued aggressive enforcement from better funded agencies.
Companies will need to report subsidies received from certain foreign actors
The Act also requires parties making HSR pre-merger notification filings to disclose subsidies received from foreign entities “of concern,” such as those controlled by governments like China, Russia, and Iran, or entities associated with specifically designated foreign nationals. In addition to the competitive effects such subsidies may have, the reporting requirement is intended to address concerns over the impacts of such subsidies on U.S. national security.
State attorneys general can now prevent MDL consolidation
Finally, the Act allows state attorneys general suing under federal antitrust law to avoid consolidation into multidistrict litigation. This will allow attorneys general to prevent antitrust cases from being consolidated and transferred to a venue outside the home state, which could have the effect of forcing parties to defend functionally identical litigation simultaneously in several locations, an inefficiency the MDL process was designed to avoid, and instead allowing each state’s AG its own “home court advantage.” This provision is not retroactive and will apply only to matters filed after the Act’s enactment.
Main Takeaway
Significantly higher filing fees and increased disclosure requirements add several risks to the deal making process in an already aggressive antitrust landscape. Companies should seek experienced counsel to guide them through these issues.
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
News and Insights
Podcasts
Partner Laurel Loomis Rimon Discusses Fintech Enforcement, Debanking, and Regulatory Risk on Fintech Layer Cake Podcast
Partner Laurel Loomis Rimon was featured on the Fintech Layer Cake podcast, where she discussed how fintech enforcement and prosecution actually work in practice, and what exposes fintechs and banks to regulatory risk.
July 15, 2026
Publications
Supreme Court Clarifies Scope of Private Rights of Action Under the Investment Company Act, Private Equity Law Report
Partners Charles Riely, Todd C. Toral, and Martin Glass authored a guest article for Private Equity Law Report examining the US Supreme Court's June 11, 2026, ruling on the scope of private rights of action under the Investment Company Act of 1940.
July 14, 2026
Publications
Emily Loeb Discusses Congressional Oversight Preparedness in Bloomberg Law
Partner Emily Loeb, co-chair of Jenner & Block's Congressional Investigations Practice, spoke with Bloomberg Law article about how companies can prepare for potential oversight exposure ahead of this fall's midterm elections.
July 7, 2026
Publications
In New York Law Journal, The True Lender Doctrine and the OppFi Decision
Partners Jeremy Creelan, Michael Ross, Megan Poetzel, and Laurel Loomis Rimon, and Associate Molly Oberstein-Allen authored an article for the New York Law Journal examining the "True Lender" doctrine in light of a May 2026 California decision that provides the most detailed judicial framework to date for evaluating bank-nonbank lending partnerships.
July 1, 2026
Event
Partner Michael Vernick to Speak at NACUA's 2026 Annual Conference
On July 1, Partner Michael Vernick will speak on a panel at the National Association of College and University Attorneys (NACUA) 2026 Annual Conference in Nashville.
July 1, 2026