250Concerted interjurisdictional defaults

250 Concerted interjurisdictional defaults

250 Concerted interjurisdictional defaults

(1) The fidelity authority may treat a concerted interjurisdictional default as if the default consisted of 2 or more separate defaults—

(a) one of which is a default to which this Part applies, where this jurisdiction is the relevant jurisdiction for one or more of the associates involved; and

(b) the other or others of which are defaults to which this Part does not apply, where another jurisdiction or jurisdictions are the relevant jurisdictions for one or more of the associates involved.

(2) The fidelity authority may treat a claim about a concerted interjurisdictional default as if the claim consisted of—

(a) one or more claims made under this Part; and

(b) one or more claims made under a corresponding law or laws.

(3) A claim about a concerted interjurisdictional default is to be assessed on the basis that the fidelity funds of the relevant jurisdictions involved are to contribute—

(a) in equal shares in respect of the default, regardless of the number of associates involved in each of those jurisdictions, and disregarding sections 230 and 231 and the provisions of the corresponding laws of other jurisdictions that correspond to those sections; or

(b) in other shares as agreed by the fidelity authorities involved.

(4) Subsection (3) does not affect the application of sections 230 and 231 in respect of the amount payable from the fidelity fund after the claim has been assessed.