New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 5 - CONDUCT OF EXCHANGE WAGERING › Section 13:74C-5.4 - Market suspensions and market voiding; procedure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The exchange wagering licensee may
				suspend a market on its own accord and at any time, including after the race is
				declared official, but before winning exchange wagers are credited, for good
				cause. For the purposes of this section, good cause shall exist where: the
				exchange wagering licensee has reasonable cause to suspect that fraud or any
				other action or inaction by any natural person connected with the race raises
				questions about the integrity and fairness of the market, or the exchange
				wagering licensee has reasonable cause to conclude that a material
				technological breakdown associated with the exchange wagering system exists or
				has arisen, which technological breakdown is of such magnitude that the
				implementation of the exchange wagering system's breakdown procedure as set
				forth at N.J.A.C. 13:74C-5.3, would be
				inadequate. The exchange wagering licensee may also suspend a market for other
				reasons where, upon emergent application, it demonstrates to the satisfaction
				of the Commission Supervisor of Mutuels that a failure to suspend a market will
				likely negatively impact the integrity of the exchange wagering system and the
				horse racing industry in this State.
(b) In the event the exchange wagering
				licensee suspends a market pursuant to (a) above, it shall immediately notify
				the Commission Supervisor of Mutuels of such action, in writing, by e-mail. In
				addition, the exchange wagering licensee shall promptly file a written report
				with the Commission Supervisor of Mutuels which, at a minimum, identifies the
				market suspended, the date and time of the suspension, the reason for the
				market suspension, the reasons why the implementation of the procedure set
				forth at N.J.A.C. 13:74C-5.3 would have
				been insufficient, the results of the related due diligence investigation
				conducted by the exchange wagering licensee, and a proposal for settling the
				market. Upon satisfactory review of the Commission Supervisor of Mutuels, and
				his or her written authorization, the exchange wagering licensee shall settle
				the market.
(c) An entire market
				may only be voided, upon application to the Commission Executive Director, or
				designee, where the exchange wagering licensee demonstrates to the satisfaction
				of the Commission Executive Director that a material and irreparable
				technological breakdown of the exchange wagering system occurred, and that, due
				to the nature thereof and circumstances present, it would prove insufficient
				for the exchange wagering licensee to implement the procedure set forth at
				either N.J.A.C. 13:74C-5.3, or at (a) or
				(b) above. In approving any such application, the Commission Executive Director
				may impose conditions as he or she deems reasonable and necessary to ensuring
				the integrity of the exchange wagering system and the horse racing industry in
				this State.