grandfathered activities

Definition

Nonconforming or normally-illegal activities that are allowed to continue in certain situations, typically when they began before they were prohibited by an agreement, law, or regulation. For example, the Gramm-Leach-Bliley Act of 1999 banned chartering of a specific type of savings and loan holding companies (called unified thrift companies), but allowed the already chartered such companies to continue their operations.
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grandfather clause grandfathered bond