THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 8 - THE FUTURES INDUSTRY
PART 8.7 - OFFENCES
Division 2 - General
SECTION 1265 COMPENSATION FOR LOSS ETC. 1265(1) [Liability to compensate other party to a dealing] Where: (a) a person who, because of having particular information, is precluded by section 1253 from dealing in a futures contract deals, in contravention of section 1256, in that futures contract; or (b) a person, being a body corporate, deals, in contravention of section 1256, in a futures contract at a time when an officer of the body is, because of having particular information, precluded from dealing in that futures contract; the person is liable (whether or not the person has been convicted of an offence in respect of the contravention) to compensate any other party to the dealing who did not have that information for any loss sustained by that party because of any difference between the price at which the dealing took place and the price at which it would be likely to have taken place if that information had been generally available. 1265(2) [Liability to compensate other persons] A person who contravenes any of sections 1259 to 1264 (inclusive) (whether or not the person has been convicted of an offence in respect of the contravention) is liable to pay compensation to any other person who, in dealing in futures contracts, suffers loss because of the difference between the price at which the dealing takes place and the price at which it would be likely to have taken place if the contravention had not occurred. 1265(3) [Amount of compensation] The amount of compensation for which a person is liable under subsection (1) or (2) is: (a) in a case to which paragraph (b) does not apply - the amount of the loss sustained by the person claiming the compensation; or (b) if the first-mentioned person has been found by a court to be liable, or has been ordered by a court, to pay an amount or amounts to any other person or persons under this Part or under subsection 232(7) or a corresponding previous law because of the same act or transaction - the amount of that loss less the amount or the sum of the amounts that the first-mentioned person has been so found to be liable, or has been so ordered, to pay.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.