Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.11 - TITLE AND TRANSFER  

Division 4 - Transfer of Division 4 financial products effected through prescribed CS facility  

REGULATION 7.11.32   INDEMNITIES IN RESPECT OF WARRANTED MATTERS: PARTICIPANT NOT AUTHORISED TO EFFECT TRANSFER  

7.11.32(1)   [ Application]  

This regulation applies if:

(a) a participant is taken by regulation 7.11.29 to have warranted, in relation to a proper ASTC transfer of a Division 4 financial product, that the participant was authorised by the transferor to effect the transfer; and

(b) the participant was not authorised by the transferor to effect the transfer.

7.11.32(2)   [ Liability of participant]  

The participant is liable to indemnify each of the following against any loss or damage arising from the participant not having been authorised by the transferor to effect the transfer:

(a) the issuer in relation to the Division 4 financial product;

(b) the transferor;

(c) the transferee;

(d) if a participant acted as the transferee's agent in the transfer - that participant;

(e) the prescribed CS facility operated by ASTC;

(f) if TNS Clearing Pty Limited is the counter-party in the transaction - TNS Clearing Pty Limited;

(g) if Options Clearing House Pty Limited is the counter-party in the transaction - Options Clearing House Pty Limited.

7.11.32(3)   [ Entitlement or authority to transfer]  

For this regulation, the effect of regulation 7.11.26 is to be disregarded in determining whether a person:

(a) was legally entitled or authorised to transfer Division 4 financial products; or

(b) was authorised by another person to effect a transfer of Division 4 financial products.