Chapter 1, Section 18a, Subsection (c) · 15 U.S.C. Chapter 1 — MONOPOLIES AND COMBINATIONS IN RESTRAINT OF TRADE

Contents

(c)The following classes of transactions are exempt from the requirements of this section—

(1)acquisitions of goods or realty transferred in the ordinary course of business;

(2)acquisitions of bonds, mortgages, deeds of trust, or other obligations which are not voting securities;

(3)acquisitions of voting securities of an issuer at least 50 per centum of the voting securities of which are owned by the acquiring person prior to such acquisition;

(4)transfers to or from a Federal agency or a State or political subdivision thereof;

(5)transactions specifically exempted from the antitrust laws by Federal statute;

(6)transactions specifically exempted from the antitrust laws by Federal statute if approved by a Federal agency, if copies of all information and documentary material filed with such agency are contemporaneously filed with the Federal Trade Commission and the Assistant Attorney General;

(7)transactions which require agency approval under section 1467a(e) of title 12, section 1828(c) of title 12, or section 1842 of title 12, except that a portion of a transaction is not exempt under this paragraph if such portion of the transaction (A) is subject to section 1843(k) of title 12; and (B) does not require agency approval under section 1842 of title 12;

(8)transactions which require agency approval under section 1843 of title 12 or section 1464 of title 12, if copies of all information and documentary material filed with any such agency are contemporaneously filed with the Federal Trade Commission and the Assistant Attorney General at least 30 days prior to consummation of the proposed transaction, except that a portion of a transaction is not exempt under this paragraph if such portion of the transaction (A) is subject to section 1843(k) of title 12; and (B) does not require agency approval under section 1843 of title 12;

(9)acquisitions, solely for the purpose of investment, of voting securities, if, as a result of such acquisition, the securities acquired or held do not exceed 10 per centum of the outstanding voting securities of the issuer;

(10)acquisitions of voting securities, if, as a result of such acquisition, the voting securities acquired do not increase, directly or indirectly, the acquiring person’s per centum share of outstanding voting securities of the issuer;

(11)acquisitions, solely for the purpose of investment, by any bank, banking association, trust company, investment company, or insurance company, of (A) voting securities pursuant to a plan of reorganization or dissolution; or (B) assets in the ordinary course of its business; and

(12)such other acquisitions, transfers, or transactions, as may be exempted under subsection (d)(2)(B).

United States Government work; public domain under 17 U.S.C. § 105.

Defined terms · 27

Show every defined term

agreement,
means a leniency letter agreement, whether conditional or final, between a person and the Antitrust Division pursuant to the Corporate Leniency Policy of the Antitrust Division in effect on the date of execution of the agreement.
Antitrust Division
means the United States Department of Justice Antitrust Division.
antitrust laws
means section 1 or 3 of this title.
applicant,
means, with respect to an antitrust leniency agreement, the person that has entered into the agreement.
association
means any association, exchange, pool, combination, or other arrangement for concerted action;
charitable gift annuity
has the meaning given it in section 501(m)(5) of title 26.
charitable remainder trust
has the meaning given it in section 664(d) of title 26.
claimant
means a person or class, that has brought, or on whose behalf has been brought, a civil action alleging a violation of section 1 or 3 of this title or any similar State law, except that the term does not include a State or a subdivision of a State with respect to a civil action brought to recover damages sustained by the State or subdivision.
competitive sales
means the gross revenues for all products and services sold by one corporation in competition with the other, determined on the basis of annual gross revenues for such products and services in that corporation’s last completed fiscal year.
cooperating individual
means, with respect to an antitrust leniency agreement, a current or former director, officer, or employee of the antitrust leniency applicant who is covered by the agreement.
covered individual
means an employee, contractor, subcontractor, or agent of an employer.
employer
means a person, or any officer, employee, contractor, subcontractor, or agent of such person.
Federal Government
means—
final determination
includes an Internal Revenue Service determination, after exhaustion of donor’s and donee’s administrative remedies, disallowing the donor’s charitable deduction for the year in which the initial contribution was made because of the donee’s failure to comply at such time with the requirements of section 501(m)(5) or 664(d), respectively, of title 26.
foreign entity of concern
has the meaning given the term in section 18741 of title 42.
graduate medical education program
means—
graduate medical education residency matching program
means a program (such as those conducted by the National Resident Matching Program) that, in connection with the admission of students to graduate medical education programs, uses an algorithm and matching rules to match students in accordance with the preferences of students and the preferences of graduate medical education programs.
local government
means—
marine insurance companies
means any persons, companies, or associations, authorized to write marine insurance or reinsurance under the laws of the United States or of a State, Territory, District, or possession thereof.
officer
means an officer elected or chosen by the Board of Directors.
person
has the same meaning as in subsection (a) of section 12 of this title.
State
has the meaning given it in section 15g(2) of this title.
State attorney general
means the chief legal officer of a State, or any other person authorized by State law to bring actions under section 15c of this title, and includes the Corporation Counsel of the District of Columbia, except that such term does not include any person employed or retained on—
student
means any individual who seeks to be admitted to a graduate medical education program.
total sales
means the gross revenues for all products and services sold by one corporation over that corporation’s last completed fiscal year.
United States
includes the several States, the District of Columbia, any territory of the United States, and any insular possession or other place under the jurisdiction of the United States.
voting securities
means any securities which at present or upon conversion entitle the owner or holder thereof to vote for the election of directors of the issuer or, with respect to unincorporated issuers, persons exercising similar functions.