Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p144
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 144/148)
Character Range: 690621–693173

but for this regulation, the reduction of the defaulter's liability would not be taken into account when working out the obligations of the SEGC in respect of the claim;
this regulation applies for the purposes of working out those obligations.
 (2) If:
 (a) the SEGC is required to satisfy the claim by paying an amount; and
 (b) the set‑off reduction consists of an amount;
the amount the SEGC must pay in respect of the claim is reduced by the amount of the set‑off reduction.
 (3) If:
 (a) the SEGC is required to satisfy the claim by paying an amount; and
 (b) the set‑off reduction consists of a number of securities;
then:
 (c) the SEGC must work out the value of the securities; and
 (d) the amount the SEGC must pay in respect of the claim is reduced by the value worked out under paragraph (c).
 (4) If:
 (a) the SEGC is required to satisfy the claim by transferring securities of a particular kind; and
 (b) the set‑off reduction consists of a number of securities of that kind;
the number of securities that the SEGC must transfer in respect of the claim is reduced by the number mentioned in paragraph (b).
 (5) If:
 (a) the SEGC is required to satisfy the claim by transferring securities of a particular kind; and
 (b) the set‑off reduction consists of a number of securities that are not of that kind;
then:
 (c) the SEGC must work out:
 (i) the value of the securities that constitute the set‑off reduction; and
 (ii) the number of securities of the kind mentioned in paragraph (a) that are equal in value to the value worked out under subparagraph (i); and
 (d) the number of securities that the SEGC is required to transfer in respect of the claim is reduced by the number worked out under subparagraph (c)(ii).
 (6) If:
 (a) the SEGC is required to satisfy the claim by transferring securities of a particular kind; and
 (b) the set‑off reduction consists of an amount of money;
then:
 (c) the SEGC must work out the number of securities of that kind that are equal in value to that amount; and
 (d) the number of securities that the SEGC must transfer in respect of the claim is reduced by the number worked out under paragraph (c).

7.5.78  Claimant entitled to costs and disbursements
 (1) This regulation applies if the SEGC:
 (a) allows a claim in whole or in part; or
 (b) disallows a claim in whole in the following circumstances:
 (i) the dealer compensated the claimant before the claim was determined;
 (ii) the claim would have been allowed if the dealer had not compensated the claimant.
 (2) The claimant is entitled to