Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p130
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 130/148)
Character Range: 657272–659990

the securities; and
 (b) the transfer is not an ASTC‑regulated transfer; and
 (c) apart from the effect of subregulation 7.11.17(3), the person did not authorise the dealer to execute the document.
 (2) For subregulation (1), a dealer is taken to have executed a document of transfer in relation to securities on behalf of a person as transferor of the securities if the document states that the person is the transferor of the securities and purports to have been stamped with the dealer's stamp as the transferor's broker.
 (3) This Subdivision also applies if:
 (a) a dealer effects, or purports to effect, a proper ASTC transfer of securities on behalf of a person; and
 (b) apart from the effect of regulation 7.11.26, the person did not authorise the dealer to effect the transfer.
 (4) In this Subdivision:
 (a) the dealer's action mentioned in whichever of paragraphs (1)(a) and (3)(a) is applicable is an unauthorised execution; and
 (b) the person mentioned in whichever of those paragraphs is applicable is the transferor; and
 (c) the securities mentioned in whichever of those paragraphs is applicable are the transferred securities.

7.5.54  Claim by transferor
  If, as a result of the unauthorised execution, the transferor suffers loss in respect of any of the transferred securities, the transferor may make a claim in respect of the loss.

7.5.55  Claim by transferee or sub‑transferee
 (1) If, as a result of the unauthorised execution, a person (the claimant), being:
 (a) in any case:
 (i) if subregulation 7.5.53(1) applies—the person stated in the document as the transferee of the transferred securities; or
 (ii) if subregulation 7.5.53(3) applies—the person in whose favour the proper ASTC transfer was effected, or purported to be effected; or
 (b) if that person has disposed of any of the transferred securities—a successor in title of that person to any of the transferred securities;
suffers loss in respect of any of the transferred securities, the claimant may make a claim in respect of that loss.
 (2) A person is not entitled to make a claim under this regulation if the person:
 (a) had actual knowledge that the transferor did not in fact authorise the unauthorised execution; or
 (b) is an excluded person in relation to the dealer.

7.5.56  How and when claim may be made
 (1) A claim must:
 (a) be in writing; and
 (b) be served on the SEGC:
 (i) if a notice under subregulation (4) applies to the claim—before the end of the last application day specified in the notice; or
 (ii) in any other case—within 6 months after the day on which the claimant first became aware that the claimant had suffered loss as a result of the unauthorised execution.
 (2) For subregulation (1),