Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p143
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 143/148)
Character Range: 688273–690865

the claimant;
 (b) the extent to which the claimant was responsible for causing the loss.
 (2) If:
 (a) the claimant has assigned any of its rights or remedies in relation to the loss; and
 (aa) the claimant has received a benefit from any person for assigning the right or remedy; and
 (b) the claimant assigned rights or remedies as mentioned in paragraph (a) without the written consent of the SEGC; and
 (c) the claimant continues to suffer a loss at the date of the determination of the claim;
the SEGC may reduce the amount of compensation by the amount that fairly represents the extent to which the claimant has, without the written consent of the SEGC, adversely affected the SEGC's ability under section 892F of the Act to recover the amount of the compensation that would otherwise be payable to the claimant in respect of the claimant's claim.
 (3) In determining an amount of compensation payable to a claimant in respect of a claim, the SEGC may reduce the amount by reference to any money or other property that the claimant has received, or is likely to receive, from sources other than the Fund as compensation for money or property to which the claim relates.

7.5.76  Claimant may be required to exercise right of set‑off
 (1) If:
 (a) a person (the claimant) has made a claim in respect of a liability of another person (the defaulter); and
 (b) the claimant has a right, whether under an agreement or otherwise, to set off a liability of the claimant to the defaulter against the liability mentioned in paragraph (a);
the SEGC may refuse to allow the claim until the claimant has exercised the right.
 (2) The SEGC may, by notice in writing served on a person, require the person to give the SEGC specified information relating to the existence or exercise of rights of set‑off.

7.5.77  Effect of set‑off on claim
 (1) If:
 (a) the SEGC allows a claim by a person (the claimant) in respect of a liability of another person (the defaulter); and
 (b) the liability of the defaulter to the claimant has been reduced, by an amount of money or a number of securities (the set‑off reduction), because of:
 (i) the exercise by the claimant or the defaulter of a right of set‑off, whether under an agreement or otherwise; or
 (ii) the operation of an agreement so far as it provides for the automatic set‑off of liabilities; and
 (c) 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.