Restitution and refund framework clarifies use of disgorged and transferred funds, prioritising investor restitution and entity refunds. The amendment adds new transfer sources to the Investor Protection and Education Fund and prescribes that disgorged amounts and interest be used solely for restitution to eligible and identifiable investors or for rewarding informants; amounts from the newly added transfer categories are to be refunded to transferring entities after those entities pay eligible investors and claim to the Fund. Remaining monies after earmarking may be used for other Fund purposes, and restitution claims are barred after seven years from the Board's invitation of claims for disgorgement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restitution and refund framework clarifies use of disgorged and transferred funds, prioritising investor restitution and entity refunds.
The amendment adds new transfer sources to the Investor Protection and Education Fund and prescribes that disgorged amounts and interest be used solely for restitution to eligible and identifiable investors or for rewarding informants; amounts from the newly added transfer categories are to be refunded to transferring entities after those entities pay eligible investors and claim to the Fund. Remaining monies after earmarking may be used for other Fund purposes, and restitution claims are barred after seven years from the Board's invitation of claims for disgorgement.
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