Document ID: chunk:federal_register_of_legislation:C2020C00315:front:0:p1
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Financial Sector (Shareholdings) Act 1998

No. 55, 1998

Compilation No. 14

Compilation date: 1 October 2020

Includes amendments up to: Act No. 64, 2020

Registered: 13 October 2020

About this compilation

This compilation

This is a compilation of the Financial Sector (Shareholdings) Act 1998 that shows the text of the law as amended and in force on 1 October 2020 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Definitions
4 Holding companies
5 Crown to be bound
6 External Territories
7 Extra‑territorial operation
Part 2—Restrictions on shareholdings in financial sector companies
Division 1—Introduction
8 Simplified outline of this Part
9 Definitions in Schedule 1
Division 2—20% shareholding limit
10 Meaning of unacceptable shareholding situation
11 Acquisitions of shares
12 Remedial orders
Division 3—Approval to exceed 20% shareholding limit
13 Application for approval to exceed 20% shareholding limit
14 Approval of application
14A Criteria for applications relating to new or recently established financial sector companies
15 Duration of approval granted on national interest grounds
15A Duration of approval granted in relation to a new or recently established financial sector company
16 Conditions of approval
16A Additional conditions for approval granted in relation to a new or recently established financial sector company
17 Varying percentage stake approved
18 Revoking an approval