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 7.5.55   CLAIM BY TRANSFEREE OR SUB-TRANSFEREE  

7.5.55(1)   [ Entitlement to make claim]  

If, as a result of the unauthorised execution, a person (the claimant ), being:

(a) in any case:

(i) if subregulation 7.5.53(1) applies - the person stated in the document as the transferee of the transferred securities; or

(ii) if subregulation 7.5.53(3) applies - the person in whose favour the proper ASTC transfer was effected, or purported to be effected; or

(b) if that person has disposed of any of the transferred securities - a successor in title of that person to any of the transferred securities;

suffers loss in respect of any of the transferred securities, the claimant may make a claim in respect of that loss.

7.5.55(2)   [ Limitation]  

A person is not entitled to make a claim under this regulation if the person:

(a) had actual knowledge that the transferor did not in fact authorise the unauthorised execution; or

(b) is an excluded person in relation to the dealer.