Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:2:p8
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 2 (pt 8/22)
Character Range: 452678–455582

(1)(a) "if paragraph (aa) does not apply—" before "the person";

     (c)     by inserting after paragraph (3)(a) the following word and paragraph:

    "and (aa) if a transfer of the securities pursuant to the sale would be an SCH-regulated transfer—the 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";

    (d)    by inserting in paragraph (3)(b) "if paragraph (aa) does not apply—" before "the claimant";

  (e)     by adding at the end the following subsection:

     "(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.".

  Claim by buying client in respect of default by buying dealer

    138. Section 952 of the Corporations Law is amended:

    (a)     by omitting from subparagraph (1)(a)(ii) "and the suspension" and substituting ", or the dealer's status as an SCH participant has been suspended under the SCH business rules, and that suspension";

  (b)    by inserting after paragraph (1)(a) the following paragraph:

          "(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";

    (c)     by inserting in paragraph (1)(b) "if paragraph (aa) does not apply—" before "the dealer's";

  (d)    by adding at the end of paragraph (3)(a) "and";

  (e)     by inserting after paragraph (3)(b) the following paragraph:

          "(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";

    (f)      by inserting in paragraph (3)(c) "if paragraph (ba) does not apply—" before "the dealer's";

    (g)     by omitting from subsection (3) all the words after "allow the claim";

  (h) by adding at the end the following subsections:

      "(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