individual exemption
The meaning of this term depends on its use in the EC or UK competition law context:
• In EC competition law, an exemption in respect of an agreement that infringes Article 81(1) of the EC Treaty which may be available on an individual basis under Article 81(3). Prior to 1 May 2004, only the European Commission could grant an individual exemption for an agreement which had been notified to it. EC Regulation 1/2003, which entered into force on 1 May 2004, abolished the need to apply for an individual exemption, and hence the system of notifications. Companies are required to make their own assessment as to whether their conduct is exempted by Article 81(3).
• In UK competition law, an exemption in respect of an agreement that infringes the Chapter I prohibition in the Competition Act 1998 is available on an individual basis. Prior to 1 May 2004, an individual exemption could only be obtained by notifying an agreement to the Office of Fair Trading (OFT). When implementing EC Regulation 1/2003, the UK decided to abolish the UK system of notifications in parallel. Companies must therefore make their own assessment as to whether their conduct is exempt from the Chapter I prohibition.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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