Final answer:
The provided text does not specify the exact net capital requirement for firms focused solely on merger and acquisition work, but it discusses the FTC's regulations on reporting mergers of certain sizes, with thresholds that have increased over time.
Step-by-step explanation:
The minimum net capital requirement for a member firm engaged solely in merger and acquisition work is not specified within the provided text. However, the context of the question appears to revolve around the regulations for approving mergers. Thus, it's important to understand that when two U.S. firms announce a merger or acquisition, they must adhere to regulations enforced by the U.S. Federal Trade Commission (FTC), particularly when the transaction meets a certain size of sales. This threshold is adjusted over time; for example, it was set at $70.9 million in 2013 and increased to $101 million in 2022. Mergers and acquisitions that do not meet the threshold may only need to be reported under specific circumstances. The data from the FTC shows trends and distributions regarding the size and number of mergers, with larger transactions often following the ebbs and flows of the business cycle.