Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p132
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 132/148)
Character Range: 662113–664747

the SEGC decides that it is so satisfied, is the actual pecuniary loss suffered by the claimant, in respect of the transferred securities, as a result of the unauthorised execution (other than loss suffered as mentioned in subregulation (3)).
 (3) If the SEGC allows the claim, it must pay to the claimant the amount that, as at the time when the claim is allowed, or when the SEGC decides as mentioned in paragraph (2)(b), as the case requires, is the actual pecuniary loss suffered by the claimant, as a result of the unauthorised execution, in respect of payments or other benefits:
 (a) in any case—to which the claimant would have become entitled, as the holder of such of the transferred securities as the claimant has, as a result of the unauthorised execution, ceased to hold, if the claimant had continued to hold the securities concerned until that time; or
 (b) if the claim was made under regulation 7.5.55—that the claimant has received as holder of any of the transferred securities.
 (4) For this regulation, if securities are purportedly transferred from a person to another person, the first‑mentioned person is taken to cease to hold, and the other person is taken to hold, the securities even if the other person did not by virtue of the transfer get a good title to the securities.

7.5.58  Discretionary further compensation to transferor
 (1) If:
 (a) the SEGC allows a claim made under regulation 7.5.54; and
 (b) the SEGC is satisfied that the supply of securities, or the payment of money, or both, as the case requires, to the claimant under regulation 7.5.57 will not adequately compensate the claimant for a pecuniary or other gain that the claimant might, if the claimant had continued to hold the transferred securities, have made but did not in fact make;
the SEGC may determine in writing that there be paid to the claimant in respect of that gain a specified amount that the SEGC considers to be fair and reasonable in all the circumstances.
 (2) If a determination is made under subregulation (1), the SEGC must pay to the claimant the amount specified in the determination.

7.5.59  Nexus with Australia
  Regulations 7.5.54 and 7.5.55 do not entitle a person to make a claim unless the dealer was on the day of the unauthorised execution a participant of a participating market licensee and:
 (a) the dealer was carrying on a securities business in Australia on that day; or
 (b) if the dealer was not so carrying on such a business and was not carrying on a securities business outside Australia on that day—the last securities business that the dealer carried on before that day was carried on in