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CORPORATIONS REGULATIONS 2001 - REG 7.5.81 Arbitration of amount of cash settlement of certain claims

CORPORATIONS REGULATIONS 2001 - REG 7.5.81

Arbitration of amount of cash settlement of certain claims

  (1)   If:

  (a)   a cash settlement provision requires the SEGC to pay an amount in respect of a claim; and

  (b)   the amount cannot be determined by agreement between the SEGC and the claimant;

the amount must be determined by arbitration in accordance with this regulation.

  (2)   If:

  (a)   in relation to a claim, paragraph   7.5.77(3)(c), (5)(c) or (6)(c) requires the SEGC to work out the value of securities, or the number of securities that are equal in value to another value or amount; and

  (b)   the value or number cannot be determined by agreement between the SEGC and the claimant;

the value or number is to be determined by arbitration in accordance with this regulation.

  (3)   The reference to arbitration is a reference to persons appointed, in accordance with subregulation   (4), for the purposes of the reference.

  (4)   For the purposes of the reference to arbitration:

  (a)   if the claim relates to a participating market licensee--the participating market licensee must make the appointment, or the participating market licensees must jointly make the appointment; and

  (aa)   if the claim relates to the licensed CS facility operated by ACH--ACH must make the appointment; and

  (ab)   if the claim relates to a participating market licensee and to the licensed CS facility operated by ACH--the participating market licensee and ACH must jointly make the appointment; and

  (b)   3 persons must be appointed; and

  (c)   the Minister must have approved the appointment of each person in writing; and

  (d)   at least 2 of the persons must not be any of the following:

  (i)   if the claim relates to a participating market licensee:

  (A)   a representative of the participating market licensee;

  (B)   a participant of the participating market licensee;

  (C)   a representative of a participant of the participating market licensee;

  (ii)   if the claim relates to the licensed CS facility operated by ACH:

  (A)   a representative of ACH;

  (B)   a participant of the licensed CS facility;

  (C)   a representative of a participant of the licensed CS facility;

  (iii)   if the claim relates to a participating market licensee and to the licensed CS facility operated by ACH:

  (A)   a representative of the participating market licensee;

  (B)   a participant of the participating market licensee;

  (C)   a representative of a participant of the participating market licensee;

  (D)   a representative of ACH;

  (E)   a participant of the licensed CS facility;

  (F)   a representative of a participant of the licensed CS facility;

  (iv)   in any case--a representative of the SEGC.

  (5)   If, before the commencement of this regulation, an arbitration:

  (a)   was to take place but had not begun; or

  (b)   had begun but had not been concluded;

the arbitration must take place, or continue, as if it were an arbitration under this regulation.

  (6)   In this regulation:

"cash settlement provision" means any of the following provisions:

  (a)   regulation   7.5.28;

  (b)   regulation   7.5.29;

  (j)   regulation   7.5.57;

  (k)   regulation   7.5.62;

  (l)   subregulation   7.5.65(1);

  (m)   subregulation   7.5.65(2).

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