Florida Lawmakers Seek Mandatory M&A Reporting

On Feb. 9, 2022, the Florida House of Representatives Appropriations Committee voted unanimously to move forward a proposal (HB 705 by Rep. Erin Grall) that would require any entity conducting business in the state to provide notice to the Florida Office of the Attorney General (OAG) when it has submitted a Hart-Scott-Rodino Act filing. This is the second of three House committee votes on the bill. If enacted, the bill would become effective July 1, 2022.

According to the OAG, “receiving notices of these transactions prior to their consummation will enable the OAG to stop anticompetitive transactions and preserve competition.” However, opponents of the bill argue this requirement will trigger unwarranted investigations by the OAG and unnecessarily delay business deals, when the federal government already has the authority and resources to investigate potential antitrust violations.

On Jan. 27, 2022, the House Regulatory Reform Subcommittee voted unanimously to move the bill forward. The bill is currently in the House Commerce Committee.

The Senate companion, SB 1112 by Sen. Jason Brodeur, has not yet been heard.