122LClaim by selling client in respect of default by selling dealer

##### 122L Claim by selling client in respect of default by selling dealer (1) Where, as at the end of the prescribed period in relation to a reportable transaction that is a sale by a dealer on behalf of a person: (a) the person has supplied to the dealer settlement documents for the purposes of the sale; and (b) the dealer’s obligations to the person in respect of the sale, in so far as they relate to the consideration for the sale, have not been discharged; the person may make a claim in respect of the sale. (2) Where a person makes a claim in respect of a sale of securities by a dealer on behalf of the claimant and, at a particular time, the Board is satisfied that, as at that time: (a) subsection (1) entitles the claimant to make the claim; and (b) the dealer’s obligations to the claimant in respect of the sale, in so far as they relate to the consideration for the sale, have not been discharged; the Corporation shall allow the claim and pay to the claimant the amount of that consideration less so much (if any) of the total of any brokerage fees and other charges, and any stamp duty and other duties and taxes, payable by the claimant in connection with the sale as has not already been paid by the claimant.