(1) If, as a result of the unauthorised execution, a person (the claimant ), being:
(a) in any case:
(i) if subregulation 7.5.53(1) applies--the person stated in the document as the transferee of the transferred securities; or
(ii) if subregulation 7.5.53(3) applies--the person in whose favour the proper ASTC transfer was effected, or purported to be effected; or
(b) if that person has disposed of any of the transferred securities--a successor in title of that person to any of the transferred securities;
suffers loss in respect of any of the transferred securities, the claimant may make a claim in respect of that loss.
(2) A person is not entitled to make a claim under this regulation if the person:
(a) had actual knowledge that the transferor did not in fact authorise the unauthorised execution; or
(b) is an excluded person in relation to the dealer.