Document ID: chunk:federal_register_of_legislation:F2021N00029:body:0:p1
Version: federal_register_of_legislation:F2021N00029
Segment Type: other
Provision Reference: 
Character Range: 1–2690

Approval to hold a stake in a financial sector company of more than 20% - No. 4 of 2020

 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:

     A. On 20 February 2014, 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 Quaker Partners LLC (5071296, Delaware, USA) and LFI Group Pty Ltd ABN 31 138 903 581 (LFI), each a financial sector company under the Act (the Existing Approval);

      1. On 19 January 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

B.     On 19 January 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Liberty Financial Group Pty Ltd ABN 59 125 611 574 (LFG) and LFI, each a financial sector company under the Act; and

C.     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, General Manager:

      (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: 11 February 2021
 [Signed]
 Sharyn Reichstein1 General Manager Insurance

 1 A delegate of the Treasurer.

 Interpretation

 In this Notice:

 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 paragraph 16(2)(a) of the Act, the Treasurer may, by written notice given to a person who holds an Approval under section 14, impose one or more conditions or further conditions to which the Approval is subject. Under paragraph 16(2)(b) of the Act, the Treasurer may revoke or vary any conditions imposed under paragraph 16(2)(a) of the Act or specified in the Notice of Approval. The Treasurer's powers under subsection 16(2) of the Act may be exercised on the Treasurer's own initiative or on application made
 to the Treasurer in accordance with the requirements of subsection 16(4) of the Act, by the person who holds the Approval (see subsection 16(3) of the Act).

 Note 2 A person who holds an Approval under section 14 of the