(a) a claim made under this Division relates to a loss connected with a particular participant, or past participant, in a financial market; and
(b) the participant or past participant becomes insolvent on a day before the claim is settled by the SEGC (whether or not the insolvency is the cause of the loss mentioned in paragraph (a));
the total amounts paid out of the Fund in connection with claims relating to losses connected with the participant or past participant must not exceed an amount equal to 15% of the minimum amount of the Fund as at the end of that day.
(2) For the purposes of subregulation (1):
(a) the SEGC must disregard an amount paid out of the Fund in connection with a claim to the extent to which the amount has been repaid to the Fund; and
(b) if money or other property has been recovered by, or on behalf, of the SEGC because of the exercise of a right or remedy in relation to the loss to which a claim relates, being a right or remedy of the claimant who makes the claim to which the SEGC is subrogated, the SEGC must disregard so much of the amount, or of the total of the amounts, paid out of the Fund in connection with the claim as does not exceed the sum of:
(i) the amount of that money; and
(ii) the value of so much (if any) of that other property as has not been, and is not required to be, supplied in respect of the claim.
(3) The SEGC may, in relation to each claim, determine in writing:
(a) whether the claim meets the requirements of paragraphs (1)(a) and (b); and
(b) an amount to be the maximum amount in relation to the claim.
(4) If the SEGC makes determinations under paragraph (3)(b) in relation to 2 or more claimants, the SEGC must ensure that, as far as practicable, the proportion of any claimant's claim for which compensation is received is the same for each claimant.
(5) For the purposes of subregulation (4):
(a) the amount of a claimant's claim is taken to be reduced by any reduction under subregulation 7.5.72B(3) of the maximum amount in relation to the claimant; and
(b) the compensation received by a claimant is the amount of compensation received by the claimant from all sources (including the Fund).
(6) If a determination is in force under paragraph (3)(b), the amount paid out of the Fund in connection with the claim must not exceed the amount that has been determined.