I-14.01 - Derivatives Act

Section 127 Disposition versions

2016-07-18

127. Following a failure to comply with an obligation under this Act, the Authority may request the Tribunal to issue one or more of the following orders against any person in order to remedy the situation or deprive a person of the profit realized as a result of the non-compliance:

(1)  an order requiring the person to comply with

(a)  a provision of this Act;

(b)  a decision of the Authority under this Act; or

(c)  a rule of a recognized regulated entity, or a decision or order made on the basis of such a rule;

(2)  an order directing a market participant to submit to a review of practices and procedures and institute such changes as may be directed by the Authority;

(3)  an order rescinding a derivatives transaction entered into by the person, and directing the person to repay to another person any part of the money paid by that other person for derivatives;

(4)  an order directing the person to offer, purchase, dispose of, cancel or liquidate any derivative or position in derivatives and dispose of the proceeds or loss from the liquidation in a specified manner;

(5)  an order directing the person to produce to a court of justice or an interested person financial statements or reports in a form consistent with the accounting principles applicable to derivatives or in such other form as may be determined by the Financial Markets Administrative Tribunal;

(6)  an order directing a person to rectify a register or other records;

(7)  an order directing the person to disgorge to the Authority amounts obtained as a result of the non-compliance.

2008, c. 24, s. 127; 2016, c. 7, ss. 178 and 179.

2009-02-01

127. Following a failure to comply with an obligation under this Act, the Authority may request the Board to issue one or more of the following orders against any person in order to remedy the situation or deprive a person of the profit realized as a result of the non-compliance:

(1)  an order requiring the person to comply with

(a)  a provision of this Act;

(b)  a decision of the Authority under this Act; or

(c)  a rule of a recognized regulated entity, or a decision or order made on the basis of such a rule;

(2)  an order directing a market participant to submit to a review of practices and procedures and institute such changes as may be directed by the Authority;

(3)  an order rescinding a derivatives transaction entered into by the person, and directing the person to repay to another person any part of the money paid by that other person for derivatives;

(4)  an order directing the person to offer, purchase, dispose of, cancel or liquidate any derivative or position in derivatives and dispose of the proceeds or loss from the liquidation in a specified manner;

(5)  an order directing the person to produce to a court or an interested person financial statements or reports in a form consistent with the accounting principles applicable to derivatives or in such other form as may be determined by the Board;

(6)  an order directing a person to rectify a register or other records;

(7)  an order directing the person to disgorge to the Authority amounts obtained as a result of the non-compliance.

2008, c. 24, s. 127.