Suggest a correction

Futures Exchange or clearing house, etc., liable for failing to enforce its business rules, etc., only if bad faith shown

Futures Trading Act

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Any person, who is aggrieved by the failure of a Futures Exchange or a clearing house or any of the directors or employees of the Exchange or the clearing house to enforce its business rules or in enforcing those business rules contravenes this Act or any regulations made thereunder, has a right of action in damages for the actual amount of damages suffered by that person in any transaction that he has entered into on or subject to the business rules of a futures market that is directly attributable to the failure to enforce, or in the enforcement of the business rules, in contravention of this Act or any regulations made thereunder, as the case may be.(2) No action for damages shall lie against a Futures Exchange or a clearing house, or any of its directors or employees under subsection (1) unless the aggrieved person can show that, in failing to take action or in taking such action as was taken resulting in loss to him, the Exchange or the clearing house, or any of its directors or employees, acted in bad faith.(3) The right of action conferred by this section shall be the exclusive remedy available to any person who suffers loss as a result of an alleged failure of a Futures Exchange or a clearing house, or any of its directors or employees, to enforce its business rules, or in enforcing those business rules, has contravened this Act or any regulations made thereunder.[9

What's the problem? (required)

Source link (optional)

Open the official source PDF to compare

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously — no account or personal information is required or sent.