Document ID: chunk:federal_register_of_legislation:C2018A00142:clause:1_48
Version: federal_register_of_legislation:C2018A00142
Segment Type: clause
Provision Reference: sch 1 cl 48
Character Range: 21794–23065

48  Transitional—existing approvals to hold a stake of more than 20%
(1) This item applies to an approval under section 14 of the Financial Sector (Shareholdings) Act 1998 that:
 (a) is in force immediately before the commencement of this item; and
 (b) approves a person to hold a stake in a financial sector company of more than 20%.
(2) The approval has effect, after the commencement of this item, as if it had been granted under paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 as substituted by this Schedule.
(3) If an application mentioned in subitem (4):
 (a) was made in relation to the approval before the commencement of this item; and
 (b) is pending immediately before the commencement of this item;
the application continues to have effect, after the commencement of this item, in relation to the approval.
(4) For the purposes of subitem (3), the following are the applications under provisions of the Financial Sector (Shareholdings) Act 1998:
 (a) an application under subsection 15(2) for an extension of the period of an approval;
 (b) an application under paragraph 16(3)(b) in relation to the conditions to which an approval is subject;
 (c) an application under subsection 17(1) to vary the percentage specified in an approval.