The bill enacts the "Uniform Antitrust Pre-Merger Notification Act," introducing new requirements for certain business mergers and acquisitions in Colorado:
State Filing Requirement: Entities with their principal place of business in Colorado, or those with annual net sales in the state constituting at least 20% of the federal Hart-Scott-Rodino (HSR) Act filing threshold, must submit complete electronic copies of their federal pre-merger notification filings to the Colorado Attorney General simultaneously with their federal submission.
Confidentiality Assurance: The Attorney General is mandated to maintain the confidentiality of all submitted forms and materials, with specific exceptions as outlined in the bill.
Enforcement and Penalties: Non-compliance with the state filing requirement may result in civil penalties of up to $10,000 per day for each day the violation continues.
This legislation aims to enhance the state's oversight of mergers and acquisitions that could impact Colorado's market competition by ensuring the Attorney General has timely access to pertinent information.
Summary
Colorado Commission on Uniform State Laws. The bill enacts
the Uniform Antitrust Pre-Merger Notification Act, drafted by the Uniform Law Commission. The bill:
•
Requires a person filing a pre-merger notification with the federal government under the federal Hart-Scott-Rodino Act that has its principal place of business in the state or directly or indirectly has annual net sales in the state of at least 20% of the filing threshold to contemporaneously file with the state attorney general complete electronic copies of the Hart-Scott-Rodino form and any additional documentary material that are filed with the pre-merger notification;
•
Requires the attorney general to keep the filed form and documentary materials confidential, subject to specified exceptions; and
•
Authorizes the attorney general to impose a civil penalty of not more than $10,000 per day on any person that fails to comply with the filing requirement.
