Robinhood recently reported technical issues for a second day following an outage that kept clients from trading on a historic market rally.

According to a recent CNBC article, Robinhood reported a "major outage" for trading across its platform, as U.S. stocks traded actively again due to a surprise Fed rate cut. Earlier updates on the site said that all trading was "operational," but Twitter users posted screenshots of error messages as U.S. markets opened Tuesday.

Robinhood's 44-page customer agreement outlines that it will not be responsible for "temporary interruptions in service due to maintenance, Website or App changes, or failures" and [it] is not liable for extended interruptions due to failures "beyond" the company's control. Robinhood does "not warrant that these channels will be available and error-free every minute of the day." 

Robinhood is a broker-dealer and is required by Financial Industry Regulatory Authority ("FINRA") and the Securities and Exchange Commission ("SEC") to have a back-up plan in case one of these "temporary interruptions" pop up. A so-called business continuity plan requires the firm to provide "prompt and accurate processing of securities transactions."

While civil liability may be in doubt due to the broad release in the customer agreement, sources state that regulatory liability certainly still exists.