N.J. Admin. Code § 13:74C-5.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:74C-5.4 - Market suspensions and market voiding; procedure

(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.

N.J. Admin. Code § 13:74C-5.4

Adopted by 47 N.J.R. 807(b), effective 4/20/2015.

Adopted by 56 N.J.R. 413(a), effective 3/18/2024