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Certain practices and organizations have received exemption from the federal antitrust laws. First, patent owners received an exemption in the Sherman Act because federal policy favors incentivizing innovation. Of course, the exemption does not go beyond the granted patent monopoly.
Second, the Clayton Act exempted labor unions and agricultural organizations from the Sherman Act's reach.
Third, the Securities Exchange Act of 1934 (SEA) heavily regulates securities trading; thus, certain activities that fall within the scope of the SEA are exempt from antitrust law. The U.S. Supreme Court took up this very issue in 2007 in Credit Suisse Securities (USA) v. Billing (05-1157). The Court decided that if securities regulation and antitrust law are incompatible, then the securities regulation prevails and individuals who would otherwise violate antitrust law receive antitrust immunity. Determining incompatibility requires the presence of the following four criteria: 1) behavior squarely within securities regulation; 2) clear and adequate SEC authority to regulate; 3) active and ongoing SEC regulation; and 4) a serious conflict between regulatory and antitrust regimes.
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