parallel exemption

parallel exemption
An exemption that applies to agreements which are covered by an individual exemption or block exemption under Article 81(3) of the EC Treaty, or would be covered by a Commission block exemption if the agreement had an effect on trade between EU member states. Agreements covered by parallel exemptions are automatically exempt from the Chapter I prohibition in the UK Competition Act 1998.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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