Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsRegulations 7.5.54 and 7.5.55 do not entitle a person to make a claim unless the dealer was on the day of the unauthorised execution a participant of a participating market licensee and:
(a) the dealer was carrying on a securities business in Australia on that day; or
(b) if the dealer was not so carrying on such a business and was not carrying on a securities business outside Australia on that day--the last securities business that the dealer carried on before that day was carried on in Australia.