Liabilities of commodity market and clearing house
11.—(1) Any person, who is aggrieved by the failure of a commodity market or a clearing house or any of the directors or employees of the commodity market or clearing house to enforce its business rules or by the contravention of this Act or any regulations made thereunder in the enforcement of the business rules, has a right of action in damages for the actual amount of damages suffered by that person —
(a)
in any transaction that he has entered into on or subject to the business rules of a commodity market; and
(b)
that is directly attributable to the failure to enforce the business rules, or the contravention of this Act or any regulations made thereunder in the enforcement of the business rules.
[22/2001; 35/2007]
(2) No action for damages shall lie against a commodity market 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 commodity market or the clearing house, or any of the directors or employees, acted in bad faith.
[22/2001; 35/2007]
(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 commodity market or a clearing house, or any of its directors or employees, to enforce its business rules, or the contravention of this Act or any regulations made thereunder in the enforcement of the business rules.