Document ID: chunk:federal_register_of_legislation:F2018L00519:body:0:p3
Version: federal_register_of_legislation:F2018L00519
Segment Type: other
Provision Reference: 
Character Range: 5383–6502

to pay a Call (or lodge Approved Collateral) within the time stipulated by the Trading Participant, the Trading Participant must, immediately upon expiry of that time period, Close Out to the extent necessary to counter the Call, all or any existing Open Positions in any Market held by the Trading Participant on account of the Client unless the Trading Participant exercises a reasonable discretion to not Close Out having regard to:
(i) the expertise and financial status of the Client; and
(ii) any genuine attempts by the Client to meet the Call within the time prescribed; and
                  (iii) whether relevant actions or omissions of third parties resulted in the Client failing to pay the Call; and
              (b) the Trading Participant's Client agreement must provide that the Trading Participant shall not be liable to the Client for any loss sustained by the Client as a result of the Trading Participant Closing Out in accordance with paragraph (a).
           Note:  The conditions imposed on a waiver must be complied with in order for the waiver to be effective: subrule 1.2.1(2) of the Rules.