(1) If:
(a) a cash settlement provision requires the SEGC to pay an amount in respect of a claim; and
(b) the amount cannot be determined by agreement between the SEGC and the claimant;
the amount must be determined by arbitration in accordance with this regulation.
(2) If:
(a) in relation to a claim, paragraph 7.5.77(3)(c), (5)(c) or (6)(c) requires the SEGC to work out the value of securities, or the number of securities that are equal in value to another value or amount; and
(b) the value or number cannot be determined by agreement between the SEGC and the claimant;
the value or number is to be determined by arbitration in accordance with this regulation.
(3) The reference to arbitration is a reference to persons appointed, in accordance with subregulation (4), for the purposes of the reference.
(4) For the purposes of the reference to arbitration:
(a) if the claim relates to a participating market licensee--the participating market licensee must make the appointment, or the participating market licensees must jointly make the appointment; and
(aa) if the claim relates to the licensed CS facility operated by ACH--ACH must make the appointment; and
(ab) if the claim relates to a participating market licensee and to the licensed CS facility operated by ACH--the participating market licensee and ACH must jointly make the appointment; and
(b) 3 persons must be appointed; and
(c) the Minister must have approved the appointment of each person in writing; and
(d) at least 2 of the persons must not be any of the following:
(i) if the claim relates to a participating market licensee:
(A) a representative of the participating market licensee;
(B) a participant of the participating market licensee;
(C) a representative of a participant of the participating market licensee;
(ii) if the claim relates to the licensed CS facility operated by ACH:
(A) a representative of ACH;
(B) a participant of the licensed CS facility;
(C) a representative of a participant of the licensed CS facility;
(iii) if the claim relates to a participating market licensee and to the licensed CS facility operated by ACH:
(A) a representative of the participating market licensee;
(B) a participant of the participating market licensee;
(C) a representative of a participant of the participating market licensee;
(D) a representative of ACH;
(E) a participant of the licensed CS facility;
(F) a representative of a participant of the licensed CS facility;
(iv) in any case--a representative of the SEGC.
(5) If, before the commencement of this regulation, an arbitration:
(a) was to take place but had not begun; or
(b) had begun but had not been concluded;
the arbitration must take place, or continue, as if it were an arbitration under this regulation.
(6) In this regulation:
"cash settlement provision" means any of the following provisions:
(a) regulation 7.5.28;
(b) regulation 7.5.29;
(j) regulation 7.5.57;
(k) regulation 7.5.62;
(l) subregulation 7.5.65(1);
(m) subregulation 7.5.65(2).