Commonwealth Consolidated Regulations

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Claim in respect of contravention of ASTC certificate cancellation provisions

             (1)  A person who suffers pecuniary loss in respect of a contravention, by a dealer, of the ASTC certificate cancellation provisions may make a claim in respect of the loss.

             (2)  The loss must not be a loss in respect of an unauthorised execution (within the meaning of paragraph 7.5.53(4)(a)) in respect of which the person has made, or is entitled to make, a claim under Subdivision 4.7.

             (3)  The person must not have been involved in the contravention.

             (4)  The following paragraphs must be satisfied in relation to the dealer:

                     (a)  the dealer was a participant of a participating market licensee on the day of the contravention;

                     (b)  either:

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

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

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