On September 18, 2020, the Federal Trade Commission (“FTC”) and the Antitrust Division of the Department of Justice (“DOJ”) called for public comment on a Notice of Proposed Rulemaking (“NPRM”), available here, setting forth two significant changes to the rules promulgated under the Hart-Scott-Rodino Antitrust Improvements Act (the “HSR Act”). The NPRM proposes (1) to expand the definition of “person” to include an acquirer’s “associates,” broadening the scope of the filing requirement and increasing the amount of information filers are required to disclose, and (2) to create a new reporting exemption for investments of up to 10% of a target company’s voting securities—regardless of value or whether the investor intends to influence management or remain passive—when the acquirer does not have a “competitively significant” relationship with the target company.