Section 535.301 - Exemption procedures(a)Authority. The Commission, upon application or its own motion, may by order or rule exempt for the future any class of agreement involving ocean common carriers and/or marine terminal operators from any requirement of the Act if it finds that the exemption will not result in substantial reduction in competition or be detrimental to commerce.(b)Optional filing. Notwithstanding any exemption from filing, or other requirements of the Act and this part, any party to an exempt agreement may file such an agreement with the Commission.(c)Application for exemption. Applications for exemptions shall conform to the general filing requirements for exemptions set forth at § 502.67 of this title.(d)Retention of agreement by parties. Any agreement that has been exempted by the Commission pursuant to section 16 of the Act (46 U.S.C. 40103 ) shall be retained by the parties and shall be available upon request by the Bureau of Trade Analysis for inspection during the term of the agreement and for a period of three years after its termination.69 FR 64414, Nov. 4, 2004, as amended at 74 FR 50727, Oct. 1, 2009