(1) This regulation applies if:
(a) a participant is taken by regulation 7.11.29 to have warranted, in relation to a proper ASTC transfer of a Division 4 financial product, that the participant was authorised by the transferor to effect the transfer; and
(b) the participant was not authorised by the transferor to effect the transfer.
(2) The participant is liable to indemnify each of the following against any loss or damage arising from the participant not having been authorised by the transferor to effect the transfer:
(a) the issuer in relation to the Division 4 financial product;
(b) the transferor;
(c) the transferee;
(d) if a participant acted as the transferee's agent in the transfer--that participant;
(e) the prescribed CS facility operated by ASTC;
(f) if TNS Clearing Pty Limited is the counter-party in the transaction--TNS Clearing Pty Limited;
(g) if Options Clearing House Pty Limited is the counter-party in the transaction--Options Clearing House Pty Limited.
(3) For this regulation, the effect of regulation 7.11.26 is to be disregarded in determining whether a person:
(a) was legally entitled or authorised to transfer Division 4 financial products; or
(b) was authorised by another person to effect a transfer of Division 4 financial products.