Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p37
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 92146–94776

reportable transaction that is a purchase by a dealer from another dealer:
     (a) the first-mentioned dealer has supplied, or is ready, willing and able to supply, to the other dealer, pursuant to the agreement for the purchase, the consideration for the purchase; and
     (b) the other dealer has not supplied to the first-mentioned dealer, pursuant to that agreement, settlement documents in relation to the purchase;
the first-mentioned dealer may make a claim in respect of the purchase.

"(2) Where a dealer makes a claim in respect of a purchase of securities by the claimant from another dealer and, at a particular time, the Board is satisfied that, as at that time:
     (a) subsection (1) entitles the claimant to make the claim;
     (b) the claimant has:
        (i) for the purposes of the claim, paid to the Corporation; or
        (ii) pursuant to the agreement for the purchase, paid to the other dealer;
    the amount of the consideration for the purchase;
     (c) settlement documents in relation to the purchase have not been supplied to the claimant pursuant to the agreement for the purchase; and
     (d) the agreement has not been discharged or otherwise terminated; the Corporation shall allow the claim and, subject to section 122n, supply to the claimant settlement documents in relation to the purchase.

Claim by selling client in respect of default by selling dealer
"122l. (1) Where, as at the end of the prescribed period in relation to a reportable transaction that is a sale by a dealer on behalf of a person:
     (a) the person has supplied to the dealer settlement documents for the purposes of the sale; and
     (b) the dealer's obligations to the person in respect of the sale, in so far as they relate to the consideration for the sale, have not been discharged;
the person may make a claim in respect of the sale.
"(2) Where a person makes a claim in respect of a sale of securities by a dealer on behalf of the claimant and, at a particular time, the Board is satisfied that, as at that time:
     (a) subsection (1) entitles the claimant to make the claim; and
     (b) 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;
the Corporation shall 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.

Claim by buying client in respect of default