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Grandfather clause |
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Grandfather clauseA provision in an agreement, including the GATT but not the WTO, that allows signatories to keep certain of their previously existing laws that otherwise would violate the agreement.Grandfather clauseA 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 Similar MatchesGrandfathered activitiesGrandfathered activitiesNonbank activities, some of which would normally not be permissible for bank holding companies and foregin banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the "grandfather" clauses of the Bank Holding Company Act and the International Banking Act. |
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