Government Shutdown Slows HSR Review Process

The U.S. federal government shut down on Wednesday, October 1, 2025, and until Congress passes a funding bill, federal agencies will operate on a contingent basis.  For businesses navigating filings and processes under the Hart-Scott-Rodino Antitrust Improvements Act (HSR), the partial furlough of staff at both the Federal Trade Commission (FTC) and the Department of Justice (DOJ) means slower review times, limited communication and increased uncertainty.

Key HSR Impacts During the Shutdown

• HSR Waiting Periods Still Run — But Review Is Slower

The FTC confirmed it will continue to accept and process HSR filings during the shutdown. However, its Premerger Notification Office (PNO) is operating on a reduced schedule, and while the typical 30-day waiting period will still run, early termination requests will not be granted. Processing delays are likely; the PNO will not respond to questions or offer filing guidance, and staffing is down to roughly 50% at the FTC and 60% at the DOJ.

• Increased Likelihood of “Pull and Refile” Requests

With limited staff conducting full merger reviews, agencies are more likely to encourage parties to “pull and refile” their notifications, which would reset waiting periods and give regulators more time to analyze a transaction without immediately triggering costly second requests. However, if parties do not voluntarily refile, the agencies may issue a second request to pause the deal pending further review.

Merging parties should anticipate longer timelines, reduced access to agency guidance, and the potential for more second requests or procedural hurdles as the shutdown continues.