Document ID: chunk:federal_register_of_legislation:F2024N00294:body:0
Version: federal_register_of_legislation:F2024N00294
Segment Type: other
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Character Range: 0–1843

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 6 of 2024

 Financial Sector (Shareholdings) Act 1998

    To: Johnson Essential Pty Ltd ACN 635 740 662 (Johnson Essential) as trustee for the Johnson Essential Family Trust
    Nicola Pty. Ltd. ACN 060 616 088 (Nicola Pty. Ltd.)
 Latrobe Valley Pty Ltd ACN 071 876 867 (Latrobe) as trustee for Nicola Family Trust Since:
      1. On 21 April 2021, Latrobe was granted approval under subsection 14(1) of the Act to hold a 100% stake in Eric Insurance Limited ACN 009 129 793 (Eric), a financial sector company under the Act1;

B.            Latrobe requested their approval be revoked;

C.            Johnson Essential and Nicola Pty. Ltd. have applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Eric;

D.            I am satisfied it is in the national interest for Johnson Essential and Nicola Pty. Ltd. to hold a 100% stake in Eric,

 I, John Huijsen, a delegate of the Treasurer:

(a)          under subsection 18(3) of the Act, revoke Latrobe's approval; and

(b)          under subsection 14(1) of the Act, approve Johnson Essential and Nicola Pty. Ltd. to hold a 100% stake in Eric.

 The instrument commences on the day it is made and remains in force indefinitely. Date: 2 April 2024

 John Huijsen General Manager Insurance Division
 Australian Prudential Regulation Authority

  1  For other approvals in relation to the financial sector company see F2021N00074 https://www.legislation.gov.au/F2021N00074/asmade/text
 Interpretation

 Act means the Financial Sector (Shareholdings) Act 1998.
 financial sector company has the meaning given in section 3 of the Act.
 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.