Commonwealth Consolidated Regulations

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Nexus with Australia

                   Regulations 7.5.54 and 7.5.55 do not entitle a person to make a claim unless the dealer was on the day of the unauthorised execution a participant of a participating market licensee and:

                     (a)  the dealer was carrying on a securities business in Australia on that day; or

                     (b)  if the dealer was not so carrying on such a business and was not carrying on a securities business outside Australia on that day--the last securities business that the dealer carried on before that day was carried on in Australia.

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