Document ID: chunk:federal_register_of_legislation:F2022N00308:body:0
Version: federal_register_of_legislation:F2022N00308
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Approval to hold a stake in a financial sector company of more than 20% No. 21 of 2022

 Financial Sector (Shareholdings) Act 1998

 To: The applicants listed in Schedule 1 (the applicants) Since:
      1. On 5 December 2022, the applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Sovereign Insurance Australia Pty Ltd ACN 138 079 286 (Sovereign) and SKKR Holdings Pty Ltd ACN 654 817 900 (SKKR), each a financial sector company under the Act;

    B.            I am satisfied it is in the national interest for the applicants to hold a 100% stake in Sovereign and SKKR,

 I, Sharyn Reichstein, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, approve the applicants to hold a 100% stake in Sovereign and SKKR, subject to the condition imposed under subsection 16(1) of the Act set out in Schedule 2.

 This approval commences on the day it is made and remains in force indefinitely subject to the condition set out in Schedule 2.

 Date: 12 December 2022

 Sharyn Reichstein General Manager Insurance Division
 Australian Prudential Regulation Authority

 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.
 Notes

 Note 1 Under section 14 of the Act, the Treasurer must give written notice of the approval to the applicant and financial sector company concerned and this instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 Note 2 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.