Document ID: chunk:federal_register_of_legislation:F2022N00051:body:0:p1
Version: federal_register_of_legislation:F2022N00051
Segment Type: other
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Character Range: 0–2753

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 5 of 2022

 Financial Sector (Shareholdings) Act 1998

     To:  The persons in Schedule 1 (the Existing Approval Holders) and the persons named in Schedule 2 (the Applicants)

 Since:

      1. On 17 May 2016, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in QInsure Limited ABN 79 607 345 853 (the company), an authorised insurance company and a financial sector company under the Act (the Existing Approval);

B.            On 22 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C.            On 22 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286, a financial sector company under the Act;

D.            I am satisfied it is in the national interest for the Applicants to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286.

 I, Peter Kohlhagen, a delegate of the Treasurer:

    (a)          under subsection 18(3) of the Act, revoke the Existing Approval; and

(b)          under subsection 14(1) of the Act, approve each of the Applicants to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286.

 The revocation and approvals made in this instrument are conditional on:

(a)          the successor fund transfer of Sunsuper Superannuation Fund into the Australian Retirement Trust (ART); and

(b)          the change of trustee of ART from the QSuper Board to Australian Retirement Trust Pty Ltd.

 The approval remains in force indefinitely. Dated: 23 February 2022

 Peter Kohlhagen General Manager Insurance Division

 Interpretation

 In this instrument:

 APRA means the Australian Prudential Regulation Authority.
 authorised insurance company has the meaning given in section 3 of the Act.
 financial sector company has the meaning given in section 3 of the Act.
 successor fund has the meaning given in regulation 1.03 of the Superannuation Industry (Supervision) Regulations 1994.
 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Notes

 Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the
 applicant and financial sector company concerned and this instrument will be registered in