Document ID: chunk:federal_register_of_legislation:C2025C00185:section:852dm:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 852DM (pt 1/2)
Character Range: 3423843–3426599

852DM  Varying an approval
 (1) This section applies to a person holding an approval under subsection 852DH(1) to have a specified percentage (the current approved percentage) of voting power:
 (a) in a controlled Australian financial body; and
 (b) for a specified period or indefinitely (the current approved duration);
including as affected by any variation from a previous operation of this section.

Application by holder of approval to vary percentage
 (2) The person may apply to vary the current approved percentage by lodging with ASIC an application in the prescribed form that sets out:
 (a) the percentage of voting power the person currently has in the body; and
 (b) the percentage of voting power the person is seeking approval to have in the body; and
 (c) the person's reasons for making the application.
Note: For fees in respect of lodging applications, see Part 9.10.
 (3) ASIC must, by written notice given to the applicant, approve the applicant having a new specified percentage of voting power in the body for the current approved duration if:
 (a) ASIC is satisfied the new specified percentage is the highest percentage (up to that sought by the applicant and greater than the current approved percentage) of voting power in the body for which the applicant passes the legitimate control test; and
 (b) ASIC believes relevant information in the application, or later provided by the applicant, to be correct.
Otherwise, ASIC must, by written notice given to the applicant, refuse such a variation.

ASIC varying percentage or period on own initiative
 (4) ASIC may, on its own initiative, by written notice given to the person, vary the person's approval as follows, if ASIC is satisfied of the matters in subsection (5):
 (a) vary the current approved percentage to a new specified percentage of voting power in the body for the current approved duration; or
 (b) vary the current approved duration to a new specified period or an indefinite period (the new specified duration) for the current approved percentage of voting power in the body; or
 (c) vary both the current approved percentage and the current approved duration to a new specified percentage of voting power in the body for a new specified period or an indefinite period (also the new specified duration).
Note: ASIC could, for example, vary the approval after becoming aware that information contained in the person's application for approval has ceased to be correct: see section 852DQ.
 (5) The matters are that the specified percentage that is to result from the variation is the highest percentage of voting power in the body for which the person passes the legitimate control test.
Note: The specified percentage that is to result from the variation could be