(1) A product producer from whom an investment product intermediary holds a valid written appointment shall, in respect of each eligible investor to whom the Company is liable to make a payment in respect of the intermediary under section 34, pay to the Company an amount calculated as follows:
where -
'A' represents the amount to be calculated;
'ICL' represents the eligible investor's compensatable loss;
'RAV' represents the amount of client money or the value of investment instruments forming part of the net loss of the eligible investor that were entrusted by the client to an investment product intermediary for transmission to an identifiable product producer from whom the intermediary held a valid written appointment when the money was, or the investment instruments were, so entrusted;
'INL' represents the net loss of the eligible investor.
(2) Product producers are to be subrogated to the Company with respect to claims of the Company against an investment firm in relation to money
…