122MClaim by buying client in respect of default by buying dealer

##### 122M Claim by buying client in respect of default by buying dealer (1) Where, as at the end of the prescribed period in relation to a reportable transaction that is a purchase by a dealer on behalf of a person: (a) the person has paid to the dealer the purchase price in relation to the purchase; and (b) the dealer’s obligations to the person in respect of the purchase, in so far as they relate to settlement documents in relation to the purchase, have not been discharged; the person may make a claim in respect of the purchase. (2) Where a person makes a claim in respect of a purchase 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 purchase, in so far as they relate to settlement documents in relation to the purchase, have not been discharged; the Corporation shall allow the claim and, subject to section 122N, supply to the claimant settlement documents in relation to the purchase.