Document ID: chunk:federal_register_of_legislation:F2021N00021:body:0:p1
Version: federal_register_of_legislation:F2021N00021
Segment Type: other
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Character Range: 1–2665

Approval to hold a stake in a financial sector company of more than 20% - 9 of 2020

 Financial Sector (Shareholdings Act) 1998

    To: Arch Capital Group Ltd. (Bermuda Public Limited Liability Company) and all the other applicants listed in the attached Schedule 1 (the Applicants).

SINCE

      1. On 17 April 2020 the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 29.5% stake in each of the companies listed in the attached Schedule 2 (the Companies) each a financial sector company under the Act;

     B.     I am satisfied that it is in the national interest to approve the Applicants to hold a 29.5% stake in the Companies.

 I, John Huijsen, a delegate of the Treasurer under subsection 14(1) of the Act, APPROVE the Applicants to hold a 29.5% stake in the Companies.

 This instrument commences on the date it is signed and remains in force indefinitely. Dated: 30/12/2020
 [Signed]

 John Huijsen General Manager Insurance Division

 Interpretation

 In this Notice

 Act means the Financial Sector (Shareholdings) Act 1998.

APRA means the Australian Prudential Regulation Authority.
 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.
 unacceptable shareholding situation has the meaning given in section 10 of the Act.
 Note 1 A person who holds an Approval under section 14 of the Act may apply to the Treasurer under subsection 17(1) of the Act, to vary the percentage specified in the Approval.

 Note 2 Under subsection 17(6) of the Act, the Treasurer may, on the Treasurer's own initiative, by written notice given to a person who holds an Approval under section 14, vary the percentage specified in the Approval if the Treasurer is satisfied it is in the national interest to do so.

 Note 3 The circumstances in which the Treasurer may revoke a person's Approval under section 14 are set out in subsection 18(1) of the Act.

 Note 4 Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.

 Note 5 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and must publish a copy of this notice on the Federal Register