the person may make a claim in respect of the sale.
(2) Where a person is entitled to make claims under subsection (1) in
respect of 2 or more sales by the one dealer, the person may make a single
claim in respect of 2 or more of those sales but a claim so made is treated
for the purposes of subsection (3) as if it consisted of a separate claim
in respect of each of those sales.
(3) Where a person makes a claim in respect of a sale of securities by a
dealer on behalf of the claimant and the Board is satisfied that:
- (a)
- subsection (1) entitles the claimant to make the claim; and
- (aa)
- if a transfer of the securities pursuant to the sale would be an
SCH-regulated transferthe claimant:
- (i)
- has done all things necessary to enable the dealer to do all things that
the dealer is required to do under the SCH business rules to effect a transfer
of the securities pursuant to the sale; or
- (ii)
- has, for the purposes of the claim, in accordance with the SCH business
rules, transferred to SEGC or to an Exchange body securities of the same kind
and number as the first-mentioned securities; and
- (b)
- if paragraph (aa) does not applythe claimant has:
- (i)
- under the agreement for the sale, supplied to the dealer; or
- (ii)
- for the purposes of the claim, supplied to SEGC;
settlement documents in relation to the sale; and
- (c)
- the dealer's obligations to the claimant in respect of the sale, in so far
as they relate to the consideration for the sale, have not been discharged;
SEGC must allow the claim and pay to the claimant the amount of that
consideration less so much (if any) of the total of any brokerage fees and
other charges, and any stamp duty and other duties and taxes, payable by the
claimant in connection with the sale as has not already been paid by the
claimant.
(4) If a person transfers securities to an Exchange body as mentioned in
subparagraph (3)(aa)(ii), the Exchange body must account to SEGC for
those securities in accordance with the SCH business rules.