On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 01/04/2006.
189.
—(1) A securities exchange or futures exchange may, subject to this Part, allow and settle any proper claim for compensation out of a fidelity fund at any time after the commission of the defalcation in respect of which the claim arose.
(2) Subject to subsection (3), a person shall not commence proceedings under this Part against a securities exchange or futures exchange without the consent of the securities exchange or futures exchange, as the case may be, unless —
(a)
the securities exchange or futures exchange has disallowed his claim; and
(b)
the claimant has exhausted all relevant rights of action and other legal remedies for the recovery of the money or other property, in respect of which the defalcation was committed, available against a member of the securities exchange or futures exchange in relation to whom or to which the claim arose and all other persons liable in respect of the loss suffered by the claimant.
(3) A person who has been refused consent to commence proceedings under this Part by a securities exchange or futures exchange under subsection (2) may apply for leave to a Judge of the High Court in chambers who may make such order in the matter as he thinks fit.
(4) A securities exchange or futures exchange shall, after disallowing (whether wholly or in part) any claim for compensation out of a fidelity fund, serve notice of such disallowance in the prescribed form on the claimant or his solicitor.
(5) No proceedings against a securities exchange or futures exchange in respect of a claim which has been disallowed by the exchange shall be commenced after the expiration of 3 months after service of notice of disallowance under subsection (4).
(6) In any proceedings brought to establish a claim —
(a)
evidence of any admission or confession by, or other evidence which would be admissible against, the member of a securities exchange or futures exchange or other person by whom it is alleged a defalcation was committed, shall be admissible to prove the commission of the defalcation, notwithstanding that the member or other person is not the defendant in or a party to those proceedings; and
(b)
all defences which would have been available to that member or person shall be available to the securities exchange or futures exchange.
(7) A securities exchange or futures exchange or, where proceedings are brought to establish a claim, the High Court, if satisfied that the defalcation on which the claim is founded was actually committed, may allow the claim and act accordingly, notwithstanding that the person who committed the defalcation has not been convicted or prosecuted therefor or that the evidence on which the securities exchange or futures exchange or the High Court, as the case may be, acts would not be sufficient to establish the guilt of that person upon a criminal trial in respect of the defalcation.
[SIA, s. 89; FTA, s. 49L]