Document ID: chunk:federal_register_of_legislation:F2021N00123:body:0:p2
Version: federal_register_of_legislation:F2021N00123
Segment Type: other
Provision Reference: 
Character Range: 2705–4354

of the Act.

 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Notes

 This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 The Treasurer or the Treasurer's delegate is required to give a copy of this instrument to the financial sector company.

 Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.
Schedule – the existing holders

      1. TWL

      2. OU Notorious

      3. Kotilda OU

Schedule – the applicants

      1. TWL

      2. HoldCo

      3. NewCo

      4. Kristo Kaarmann

      5. Taavet Hinrikus

      6. OU Notorious

      7. Kotilda OU

Schedule – the conditions

 Limits on individual shareholdings

 An applicant must not hold a direct control interest in Wise, without prior approval from the Treasurer or a delegate of the Treasurer, of greater than:

(a)          for Kristo Kaarmann – 50%;

(b)          for Taavet Hinrikus – 24%;

(c)           for OU Notorious – 24%; and

(d)          for Kotilda OU – 20%.

Interpretation

 In this schedule:

 direct control interest has the meaning given in clause 11 of Schedule 1 to the Act.