Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision 4.10 - General  

REGULATION 7.5.75   REDUCTION IN COMPENSATION  

7.5.75(1)    
The SEGC may reduce an amount of compensation by reference to 1 or more of the following:

(a) a right of set-off available to the claimant;

(b) the extent to which the claimant was responsible for causing the loss.

7.5.75(2)    

If:

(a) the claimant has assigned any of its rights or remedies in relation to the loss; and

(aa) the claimant has received a benefit from any person for assigning the right or remedy; and

(b) the claimant assigned rights or remedies as mentioned in paragraph (a) without the written consent of the SEGC; and

(c) the claimant continues to suffer a loss at the date of the determination of the claim;

the SEGC may reduce the amount of compensation by the amount that fairly represents the extent to which the claimant has, without the written consent of the SEGC, adversely affected the SEGC's ability under section 892F of the Act to recover the amount of the compensation that would otherwise be payable to the claimant in respect of the claimant's claim.

7.5.75(3)    

In determining an amount of compensation payable to a claimant in respect of a claim, the SEGC may reduce the amount by reference to any money or other property that the claimant has received, or is likely to receive, from sources other than the Fund as compensation for money or property to which the claim relates.