"compensatable loss" means 90 per cent of the amount of an eligible investor's net loss or €20,000, whichever is the lesser;
"net loss", in relation to every client of an investment firm, means the amount of the liability of the investment firm in respect of - (a) money owed to or belonging to the client and held on behalf of the client by the investment firm in connection with the provision of investment business services by the investment firm, and (b) investment instruments belonging to a client of the investment firm, and held, administered or managed by that firm for the client, in connection with the provision of investment business services by that firm to the client, the value of those instruments being determined, so far as possible, by reference to their market value, on the day of a determination made under section 31(3) or a ruling, as appropriate, which the investment firm is unable to discharge in accordance with the legal and contract
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