THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 7A - Contraventions of SCH certificate cancellation provisions

SECTION 961D   CLAIM IN RESPECT OF CONTRAVENTION OF SCH CERTIFICATE CANCELLATION PROVISIONS  

961D(1)  [Who may claim]  

Subject to this section, a person who suffers pecuniary loss in respect of a contravention, by a dealer, of the SCH certificate cancellation provisions may make a claim in respect of the loss.

961D(2)  [Unauthorised executions excepted]  

The loss must not be a loss in respect of an unauthorised execution (within the meaning of section 956) in respect of which the person has made, or is entitled to make, a claim under Division 7.

961D(3)  [Claimant not involved in contravention]  

The person must not have been involved in the contravention.

961D(4)  [Which dealers may be claimed against]  

The following paragraphs must be satisfied in relation to the dealer:

(a)  the dealer was a member of a participating exchange on the day of the contravention; and

(b)  either:

(i) 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

(ii) if the dealer was not so carrying on such a business and was not carrying on a securities business in any other jurisdiction on that day - the last securities business that the dealer carried on in a jurisdiction before that day was carried on in this jurisdiction.