Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision 4.7 - Unauthorised transfer  

REGULATION 7.5.53   APPLICATION OF SUBDIVISION 4.7  

7.5.53(1)   [ Application]  

This Subdivision applies if:

(a) a dealer executes a document of transfer of securities on behalf of a person as transferor of the securities; and

(b) the transfer is not an ASTC-regulated transfer; and

(c) apart from the effect of subregulation 7.11.17(3) , the person did not authorise the dealer to execute the document.

7.5.53(2)   [ Dealer taken to have executed document of transfer]  

For subregulation (1), a dealer is taken to have executed a document of transfer in relation to securities on behalf of a person as transferor of the securities if the document states that the person is the transferor of the securities and purports to have been stamped with the dealer's stamp as the transferor's broker.

7.5.53(3)   [ Further application]  

This Subdivision also applies if:

(a) a dealer effects, or purports to effect, a proper ASTC transfer of securities on behalf of a person; and

(b) apart from the effect of regulation 7.11.26 , the person did not authorise the dealer to effect the transfer.

7.5.53(4)   [ ``unauthorised execution'', ``transferor'', ``transferred securities'']  

In this Subdivision:

(a) the dealer's action mentioned in whichever of paragraphs (1)(a) and (3)(a) is applicable is an unauthorised execution ; and

(b) the person mentioned in whichever of those paragraphs is applicable is the transferor ; and

(c) the securities mentioned in whichever of those paragraphs is applicable are the transferred securities .