These Regulations may be cited as the Securities (Compensation Fund) Regulations.
In these Regulations, unless the context otherwise requires-
Interpretation
“compensation fund” and “fund” mean the compensation fund established by the Minister under section
sixty-four of the Act;
“Compensation Fund Committee” and “Committee” mean the Compensation Fund Committee appointed
under section sixty-five of the Act;
“default”, in relation to the failure by a licensee to perform a legal obligation, means a default arising from
(a) the bankruptcy, winding up or insolvency of the licensee;
(b) any breach of trust committed by the licensee; or
(c) any defalcation, fraud or misfeasance committed by the licensee, or by any representative, director
or employee thereof;
“legal obligation” includes an obligation arising under a contract or quasi contract or under a trust (including
a constructive trust);
“Licensee” means a dealer of an investment adviser, as the case may be, licensed under Part IV of the Act;
“prescribed” means prescribed by the Commission;
“representative” has the same meaning as section two of the Act.