June / July 1999

USA: Fine for partner who wrongly certified HSR filing

01 June 1999

The action against Blackstone and its partner highlights the important responsibility that an individual assumes when certifying the completeness of an HSR filing. The individual must be satisfied that an adequate search has been undertaken for all potential 4(c) documents. In addition, the Director of the FTC’s Bureau of Competition, William Baer, was at pains recently to make it clear that the FTC can be expected to take action even if there has not been reckless disregard or intentional omission of 4(c) documents. Baer also noted that he received a lot of ’thank you’ calls from corporate counsel following the announcement of the Blackstone settlement, because they had been having trouble getting their clients to take their 4(c) obligations seriously.