This page lists what the Sherman Act and Clayton Act require, the dollar lines in force for 2026 and how cases start. The overview explains who is covered.
What the law requires
| Requirement | In plain words | Section |
|---|---|---|
| Set terms on your own | No agreement with a competitor on prices, discounts, credit terms, shipping or warranties | Sherman 1 |
| Do not divide markets or bids | No deals with rivals to split customers, territories or markets, or to rotate or fake bids | Sherman 1 |
| Hire and pay independently | No deals with other employers on pay, benefits or not hiring each other's workers | Sherman 1; January 2025 worker guidelines |
| No monopolizing | Monopolizing, attempting or conspiring to monopolize is barred | Sherman 2 |
| File before closing | Reportable deals need an HSR filing, the fee and a 30-day wait (15 for a cash tender offer) | Clayton 7A |
| One seat per rival | No serving as director or officer of two competing corporations above the size lines; one year of grace after growth | Clayton 8 |
Key numbers and dates
| Item | Amount or date | Year in force | Source label |
|---|---|---|---|
| Criminal time limit | 5 years | Current | DOJ primer |
| Private suit deadline | 4 years after the claim accrues | Statutory | 15 U.S.C. 15b |
| HSR size-of-transaction line | $133.9 million; above $535.5 million, party size does not matter | 2026, from Feb 17 | 91 FR 2133 |
| HSR size-of-person amounts | $26.8 million and $267.8 million | 2026 | FTC thresholds page |
| HSR filing fee | $35,000 (under $189.6 million) to $2,460,000 ($5.869 billion or more) | 2026 | FTC fee page |
| HSR failure-to-file penalty | $53,088 a day | 2025 amount, still applied in 2026 | 16 CFR 1.98 |
| Section 8 line and sales floor | $54,402,000 per corporation; $5,440,200 | 2026, from Jan 16 | 91 FR 2134 |
Source: Federal Register notices, 2023 to 2026
Recent and pending changes
- Feb 17, 2026 (final): the 2026 HSR thresholds and fees took effect; the base fee rose from $30,000 to $35,000.
- Feb 12, 2026 (vacated): a Texas federal court vacated the expanded 2025 HSR form in Chamber of Commerce v. FTC. The Fifth Circuit denied a stay on Mar 19, 2026, and the agencies accept the earlier form.
- Mar 25, 2026 (comments closed May 26, 2026): the FTC and DOJ asked for comment on how well the HSR form works.
- Dec 2024 (withdrawn): the 2000 competitor collaboration guidelines. A replacement inquiry opened Feb 23, 2026, with comments due May 21, 2026; we found no replacement by October 2026.
- Jan 1, 2027 (Illinois, takes effect): Public Act 104-782 ends the planned repeal of the Illinois 30-day health-care deal notice and widens which deals count.
Penalties and enforcement
The DOJ brings criminal and civil cases, the FTC civil cases only, and Illinois cases go through the attorney general. A case can reach a business as a subpoena, a civil investigative demand or an agency call. A DOJ-Postal Service whistleblower program presumptively rewards 15% to 30% of a criminal fine or recovery of at least $1 million, at the government's discretion.
| Tier | Who acts | What can happen |
|---|---|---|
| Criminal | DOJ | Fine up to $100 million (company); up to $1 million, 10 years in prison, or both (person); or a fine up to twice the gain or loss if higher |
| Private lawsuit | Customers harmed | Three times actual damages plus costs and attorney's fees |
| HSR violation | FTC and DOJ | Up to $53,088 a day (2025 amount) |
| Illinois | Attorney general; private plaintiffs | Treble damages for violations of section 3(1) or 3(4); 4-year limit |
Next: the checklist and FAQs. See also the FTC Act guide and choosing a business entity.
Official sources
- FTC: Current HSR Thresholds
- FTC: HSR Filing Fee Information
- Cornell Legal Information Institute: 15 U.S.C. 19 (Clayton Act section 8)
- DOJ Antitrust Division: Whistleblower Rewards
- Illinois General Assembly: 740 ILCS 10/7 (Illinois Antitrust Act)
This page is a plain-language summary. The official source controls if there is any difference.