The Uncertificated Securities Regulations 1992

Elections with respect to compensation and amounts recoverable

104.—(1) Any person making a complaint may make an election that any compensation payable to him and any amount recoverable by him in respect of lost units, lost benefits or new units with respect to which he has made an election should be by reference to the value, at the date of the election, of:

(a) the relevant lost units being units lost before the date of the election and the relevant lost benefits being benefits which should have been received before that date; and

(b) the relevant new units, after taking account of any consideration that the claimant would have had to give for the new units, being units to which the claimant was or would have been entitled before the date of the election,

together with interest thereon as from the date of the election.

(2) An election may be made at any time before the payment of compensation; but an election made after a.determination by the tribunal under regulation 103 shall not have effect except for the purpose of calculating the amount of compensation which may be paid under the scheme established under regulation 105 and determining the extent of any right of recovery which the body administering the scheme has in respect of such a payment.

(3) An election shall be made in writing to the Complaints Commissioner and once made shall be irrevocable.