Grandfather clause


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Grandfather clause

A provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction.

Grandfather Clause

A clause in a new law, regulation, or anything else that exempts certain persons or businesses from abiding by it. For example, suppose a country passes a law stating that it is illegal to own a cat. A grandfather clause would allow persons who already own cats to continue to keep them, but would prevent people who do not own cats from buying them. Grandfather clauses are controversial, but they are also relatively common.
References in periodicals archive ?
The grandfather clause does not apply to the discriminatory tax moritorium.
For the purposes of illustrating the effects of the grandfather clause, however, the following abstraction seems reasonable.
Once the change takes effect, short positions previously protected by the grandfather clause must be closed out within 35 days.
Many associations apply a grandfather clause when they introduce a new certification, which means that someone earns the certification based on experience or other criteria but not on an actual exam.
Finding no safety justification for the exemption, the NTSB recommended that PHMSA eliminate the grandfather clause from its regulations and require that all gas transmission pipelines constructed before 1970 be subjected to a hydrostatic pressure test that incorporates a spike test.
A more generalized grandfather clause on telecommunication services that are used to access the Internet, such as backbone digital subscriber lines and cable platforms.
Under the rule, employers have only 60 days from the publication of the standard to meet requirements of the grandfather clause.
Representation became slightly less proportional than it was under the amalgam system, notably because the grandfather clause applied in relation to a lower total number of seats.
However, they contain a grandfather clause for debt outstanding before that date.
And over the objections of Clarke, the council added a grandfather clause that made legal the Rumors tumor and its imitators.
I believe Universal Express' share price could rise far in excess of $2 per share if the SEC eliminates its Grandfather Clause from its Regulation SHO.
Both the National Federation of Independent Business and the American Small Business League oppose a grandfather clause.