Document ID: chunk:federal_register_of_legislation:F2021N00264:body:0
Version: federal_register_of_legislation:F2021N00264
Segment Type: other
Provision Reference: 
Character Range: 0–2622

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - No. 16 of 2021

 Financial Sector (Shareholdings) Act 1998

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

 SINCE:

      1. On 11 February 2021, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Liberty Financial Group Pty Ltd ABN 59 125 611 574 (LFG) and LFI Group Pty Ltd ABN 31 138 903 581 (LFI), each a financial sector company under the Act (the Existing Approval);

B.     On 24 August 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C.     On 2 June 2021 and 24 August 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in LFG and LFI, each 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 each of LFG and LFI,

 I, Sharyn Reichstein, a delegate of APRA;

     (a)   under section 18(3) of the Act, REVOKE the Existing Approval; and

     (b)   under section 14(1) of the Act, APPROVE the Applicants to hold a 100% stake in each of LFG and LFI.

 This instrument commences on the date it is signed and remains in force indefinitely. Dated: 13 October 2021
 [Signed]
 Sharyn Reichstein General Manager Insurance Division
Interpretation

 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 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 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.