S.L. 514.3 Art. 9Liability of the subject person.

(1) A subject person having the control of assets belonging to customers shall be liable for any loss or prejudice suffered by the customers due to the subject person’s fraud, wilful default or negligence, including the unjustifiable failure to perform in whole or in part the subject person’s obligations arising under these regulations, under the terms and conditions of the agreement entered into with the customers, from the conditions of licensing which may be required by the competent authority, and such other requirements as may be laid down by the latter from time to time.

(2) For the purposes of this regulation, "subject person" includes such other subject person to whom functions, duties or assets may be delegated or entrusted in terms of regulation 10.

(3) This regulation shall not apply to a custodian as defined in regulation 2(2).