(1) A person may make a claim in respect of property if:
(a) a dealer has become insolvent at a particular time (whether before or after the commencement of this regulation); and
(b) at an earlier time (whether before or after that commencement), the property was, in the course of, or in connection with, the dealer's securities business entrusted to, or received by:
(i) if the dealer was, at the earlier time, a partner in a participant--the participant, or a partner in, or an employee of, the participant; or
(ii) in any other case--the dealer or an employee of the dealer;
and was so entrusted or received on behalf of, or because the dealer was a trustee of the property for, the person (other than an excluded person in relation to the dealer); and
(c) at the time the dealer became insolvent, the obligations of the dealer, or of a participant of which the dealer is a partner, as the case requires, to the person in respect of the property have not been discharged.
(2) The SEGC must allow the claim if the SEGC is satisfied that:
(a) subregulation (1) entitles the claimant to make the claim; and
(b) at the time the SEGC considers the claim, the obligations of the dealer, or of a participant of which the dealer is a partner, as the case requires, to the claimant in respect of the property have not been discharged.
(3) If the property is, or includes, money, the SEGC must pay to the claimant an amount equal to the amount of that money.
(4) If the property is, or includes, property other than money, the SEGC must, subject to subregulation (5) and regulation 7.5.65, supply the property other than money to the claimant.
(a) the SEGC allows a claim in respect of property that is, or includes:
(i) a number of securities of a particular kind; or
(ii) documents of title to a number of securities of a particular kind; and
(b) it is not reasonably practicable for the SEGC to obtain those securities, or those documents of title to securities, as the case may be, from the dealer or, if the dealer has disposed of them, from the dealer's successor in title, before the end of:
(i) if the operating rules of a participating market licensee or licensed CS facility of which the dealer is a participant, being those operating rules as in force when the SEGC allows the claim, prescribe a period, for this regulation, in relation to a class of claims that includes that claim--that period; or
(ii) in any other case--such period as the SEGC, having regard to all the circumstances relating to the claim, considers reasonable;
the SEGC must, subject to regulation 7.5.65, supply to the person, instead of those securities, or those documents of title to securities, the number of securities of that kind, or documents of title to the number of securities of that kind, as the case may be.