Document ID: chunk:federal_register_of_legislation:F2021N00166:body:0:p1
Version: federal_register_of_legislation:F2021N00166
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Approval to hold a stake in a financial sector company of more than 20% No. 15 of 2021

 Financial Sector (Shareholdings) Act 1998

     To: Arch Financial Holdings Australia Pty Ltd ABN 18 605 164 627 (Arch Financial Holdings) and the persons named in the attached schedule (the applicants)

 SINCE

       1. The applicants have applied for an approval under section 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act), to hold a 100% stake in Westpac Lenders Mortgage Insurance Limited ABN 60 074 042 934 (Westpac LMI) and each of the companies listed in the attached Schedule 2 (the Companies), financial sector companies under the Act; and

B.                  I am satisfied it is in the national interest to approve the applicants to hold a stake in the Companies of more than 20%,

 I, John Huijsen, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE the applicants to hold a stake in the Companies of 100%.

 This instrument comes into force from the date that Arch Financial Holdings acquires a 100% stake in Westpac LMI and no later than 31 December 2021 and then will remain in force indefinitely.

 Dated: 16 July 2021

 John Huijsen, General Manager Insurance Division

 Interpretation

 In this instrument:

 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.

 Note 1. This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 Note 2. The Treasurer or the Treasurer's delegate is required to give a copy of this instrument to the financial sector company.

 Note 3. 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 1 - the persons, in addition to Arch Financial Holdings Australia Pty Ltd ABN 18 605 164 627 who applied for approval

      1. Arch Financial Holding Europe lll Ltd (an Ireland company);
      2. Arch Reinsurance Ltd (a Bermuda company); and
      3. Arch Capital Group Ltd (a Bermuda company).

SCHEDULE 2 - the companies, in addition to Westpac Lenders Mortgage Insurance Limited ABN 60 074 042 934

       1. Arch Financial Holdings Australia Pty Ltd ABN 18 605 164 627;