Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p111
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 111/212)
Character Range: 292358–295210

This section has effect subject to section 942.".

Section 942:

  Repeal the section, substitute:

Levy not payable unless imposed by an Act

"942. A person or partnership need not pay a levy under section 938, 940 or 941 unless the levy is imposed by a provision of an Act of this jurisdiction.".

Subsection 945 (7) (definition of "securities industry"):

  Omit the definition.

SCHEDULE 1—continued

Section 948:

  Omit "eligible" (wherever occurring).

Subsection 949 (5):

  Omit "eligible".

Subsection 950 (2):

  Omit "eligible".

Subsection 951 (3):

  Omit "eligible".

Subsection 952 (3):

  Omit "eligible".

Subparagraphs 953 (a) (i) and (ii):

  Omit "eligible".

Paragraphs 954 (1) (a) and (b):

  Omit "eligible".

Paragraph 954 (1) (c) and subsection 954 (2):

Omit "a business of dealing in securities", substitute "in this jurisdiction a securities business".

Paragraphs 954 (2) (a) and (b):

  Omit "eligible".

After subsection 954 (2):

  Insert:

  "(2a) Where:

     (a) subsection 949 (1), 950 (1), 951 (1) or 952 (1) of the Corporations Law of another jurisdiction entitles a person to make a claim in respect of a transaction; and

   (b) SEGC allows the claim;

SEGC must not allow a claim that the corresponding subsection of the Corporations Law of this jurisdiction entitles a person to make in respect of the transaction.".

Subsection 954 (3):

  Omit "and (2)", substitute ", (2) and (2a)".

After section 961:

  Insert:

SCHEDULE 1—continued

Nexus between dealer and this jurisdiction

"961a. Neither of sections 957 and 958 entitles a person to make a claim unless the dealer was on the day of the unauthorised execution a member of a participating exchange and:

     (a) the dealer was carrying on a securities business in this jurisdiction on that day (whether on his, her or its own account or in partnership); or

     (b) if the dealer was not so carrying on such a business—the last securities business that the dealer carried on (whether on his, her or its own account or in partnership) before that day was carried on in this jurisdiction.

Preventing double recovery

  "961b. If:

     (a) section 957 or 958 of the Corporations Law of another jurisdiction entitles a person to make a claim in respect of a loss; and

   (b) SEGC allows the claim;

SEGC must not allow a claim that the corresponding section of the Corporations Law of this jurisdiction entitles the person to make in respect of that loss.".

Subsection 962 (2):

Omit "Australia", substitute "this jurisdiction, whether in Australia or not".

After section 966:

  Insert:

No claim unless nexus between dealer and this jurisdiction

"966a. This Division does not, because of a person (in this section called the 'dealer') having become insolvent on a particular day, entitle a person to make a claim in respect of property unless