Commonwealth Consolidated Regulations

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Application of Fund in respect of certain claims

             (1)  This regulation applies if the SEGC acquires financial products in accordance with section 888K of the Act for the purpose of providing compensation.

             (2)  The financial products form part of the Fund until they are supplied in accordance with this Part to a claimant or sold in accordance with subregulation (3).

             (3)  If the SEGC:

                     (a)  acquires the financial products; and

                     (b)  satisfies the claim by paying an amount to the claimant;

the SEGC must, as soon as practicable after satisfying the claim, sell the financial products and pay the proceeds of the sale into the Fund.

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