1P by neo 2달전 | favorite | 댓글 1개

2024년 신규 HSR 기준치 및 신고 수수료 발표

  • 연방거래위원회(FTC)는 하트-스콧-로디노 반트러스트 개선법(Hart-Scott-Rodino Antitrust Improvements Act)에 따른 2024년 사전합병신고(Premerger Notification) 기준 거래규모 및 수수료를 2023년 1월 23일 발표함
  • 클레이튼법(Clayton Act) 7A조에 의거, 일정 규모 이상의 기업결합은 사전에 FTC와 법무부 반트러스트국에 신고해야 함
  • 기준 거래규모는 매년 국내총생산(GDP) 디플레이터에 따라 조정됨
  • 최초 신고 기준치(size of transaction threshold)가 $101백만에서 $111.4백만으로 상향 조정됨
  • 2번째 기준치(size of person threshold)는 $20.2백만 및 $202백만에서 각각 $22.3백만 및 $222.7백만으로 상향됨
  • 2022년 12월 29일 제정된 통합지출법(Consolidated Appropriations Act)에 따라 신고 수수료도 변경됨
    • $111.4백만 이상 $161.5백만 미만 거래의 수수료는 $30,000
    • $161.5백만 이상 $500백만 미만은 $100,000
    • $500백만 이상 $1십억 미만은 $250,000
    • $1십억 이상 $2십억 미만은 $400,000
    • $2십억 이상 $5십억 미만은 $800,000
    • $5십억 이상은 $2.25백만
  • 상기 변경 사항은 2023년 2월 27일 이후 하트-스콧-로디노법에 따라 제출되는 거래에 적용됨

GN⁺의 의견

  • 기업 인수합병 시 필요한 신고 기준 거래규모 상향 조정으로 보다 많은 거래가 신고 대상에서 제외될 것으로 보임
  • 거래 규모에 따른 수수료 차등화로 대규모 거래에 대한 규제 부담이 커질 전망임
  • 인수합병을 통한 시장 지배력 강화 움직임에 제동이 걸릴 수 있음
  • 기업들은 M&A 검토 시 새로운 기준치를 감안해야 할 것임
  • 수수료 대폭 인상에 따른 기업 부담 가중, 특히 대규모 거래일수록 부담이 클 것으로 예상됨
Hacker News 의견

Here is a summary of the key points from the Hacker News comments, organized as a bulleted list using Markdown:

  • FTC's Definition of Non-Compete Clause: The FTC clarifies that "garden leave" agreements where the worker is still employed and receiving the same total annual compensation and benefits would not be considered a non-compete clause under the new rule. However, the FTC declines to provide opinions on how the definition would apply in every potential scenario.

  • Measuring Innovation by Patents: The FTC's ruling mentions that banning non-competes is expected to drive innovation, estimating an average increase of 17,000 to 29,000 more patents each year for the next 10 years. Some commenters find it surprising and questionable to measure innovation by the number of patents issued.

  • Concerns about Implementation: While many are in favor of banning non-compete agreements, there are concerns that parties benefiting from these agreements will fight against the ruling. Some question whether the FTC has the authority to make this change, as contract law is typically part of state law.

  • Effective Date and Exceptions: The rule will go into effect 120 days after publication in the federal register, making all previous non-competes unenforceable, except for those involving senior executives. However, senior executives cannot enter into new non-competes.

  • Potential Legal Challenges: The U.S. Chamber of Commerce is likely to file a lawsuit challenging the FTC's authority to ban non-competes. There are also concerns about the ambiguity of "unfair" business practices and whether the FTC's actions might be seen as usurping Congress's power, especially if the Chevron doctrine falls.

  • Political Support: Some commenters expect politicians who champion the "right to work" to support banning legal contracts that restrict an individual's right to work.

In summary, while many view the FTC's ruling as a positive step towards protecting workers' rights and promoting innovation, there are concerns about the implementation, legal challenges, and the FTC's authority to make such changes. The effectiveness of the ruling will likely depend on how these issues are resolved in the coming months.