has made with the client shall contain no statement which enables the derivatives broker to disclaim its liability to its clients in respect of any willful act or omission or negligent act by the
the first paragraph shall be based upon the factors specified in Clause 14. In case of intentional or gross negligent violation which causes the violator to obtain ill gotten gain or causes damages to
ground to believe that there is or was a demeanor of negligent act relating to reasonable supervision to prevent juristic person or business under one’s management or to prevent staffs under one’s
financial institutions or investors, or [II] a collusion or supporting such demeanors of other persons; 7 Ibid. FN 1 19 (4) having a reasonable ground to believe that there is or was a demeanor of negligent