Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5.81

Arbitration of amount of cash settlement of certain claims

             (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).



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