dealer (1) Where, as at the end of the prescribed period in relation to a
reportable transaction that is a purchase by a dealer on behalf of a person:
- (a)
- the person:
- (i)
- in a case to which subparagraph (ii) does not apply—has paid to
the dealer the purchase price in relation to the purchase; or
- (ii)
- if the dealer has been suspended by the participating exchange concerned,
or the dealer's status as an SCH participant has been suspended under the SCH
business rules, and that suspension has not been removed—has paid, or is
ready, willing and able to pay, to the dealer the purchase price in relation
to the purchase; and
- (aa)
- if a transfer of the securities concerned pursuant to the purchase would
be an SCH-regulated transfer—the dealer's obligations to the person in
respect of the purchase, in so far as they relate to the transfer of
securities to the person, have not been discharged; and
- (b)
- if paragraph (aa) does not apply—the dealer's obligations to the
person in respect of the purchase, in so far as they relate to settlement
documents in relation to the purchase, have not been discharged;
the person may make a claim in respect of the purchase.
(2) Where a person is entitled to make claims under subsection (1) in
respect of 2 or more purchases by the one dealer, the person may make a single
claim in respect of 2 or more of those purchases 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 purchases.
(3) Where a person makes a claim in respect of a purchase 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
- (b)
- the claimant has:
- (i)
- under the agreement for the purchase, paid to the dealer; or
- (ii)
- for the purposes of the claim, paid to SEGC;
the amount of the consideration for the purchase; and
- (ba)
- if a transfer of the securities pursuant to the purchase would be an
SCH-regulated transfer—the dealer's obligations to the claimant in
respect of the purchase, in so far as they relate to the transfer of
securities to the claimant, have not been discharged; and
- (c)
- if paragraph (ba) does not apply—the dealer's obligations to the
claimant in respect of the purchase, in so far as they relate to settlement
documents in relation to the purchase, have not been discharged;
SEGC must allow the claim.
(4) If:
- (a)
- SEGC allows under subsection (3) a claim in respect of a
purchase of securities by a dealer on behalf of a person; and
- (b)
- a transfer of the securities pursuant to the purchase would be an
SCH-regulated transfer;
SEGC must, subject to section 952A, transfer to the claimant securities
of the same kind and number as the first-mentioned securities.
(5) If:
- (a)
- SEGC allows under subsection (3) a claim in respect of a
purchase of securities by a dealer on behalf of a person; and
- (b)
- subsection (4) does not apply;
SEGC must, subject to section 953, supply to the claimant settlement
documents in relation to the purchase.
Commonwealth Numbered Acts