Document ID: chunk:federal_register_of_legislation:F2023N00038:body:0
Version: federal_register_of_legislation:F2023N00038
Segment Type: other
Provision Reference: 
Character Range: 0–1983

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 1 of 2023

 Financial Sector (Shareholdings) Act 1998

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

 Since:

      1. On 27 July 2022, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Optus Insurance Services Pty Limited ACN 005 711 928 (Optus Insurance) and each of the then financial sector companies (the Existing Approval1);

    B.            On 25 February 2023, the Existing Approval Holders requested that the Existing Approval be revoked;

    C.            On 25 February 2023, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Optus Insurance and each of the financial sector companies listed in Schedule 3;

    D.            I am satisfied it is in the national interest for the Applicants to hold up to a 100% stake in Optus Insurance and each of the financial sector companies listed in Schedule 3,

 I, Sharyn Reichstein, a delegate of the Treasurer:

    (a)          under subsection 18(3) of the Act, revoke the Existing Approval; and

    (b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold up to a 100% stake in Optus Insurance and the financial sector companies listed in Schedule 3;

 This instrument commences on the day it is made and remains in force indefinitely. Dated: 27 February 2023

 1 Registration number F2022N00175.
 Sharyn Reichstein General Manager Insurance Division
 Australian Prudential Regulation Authority

 Interpretation

 Act means the Financial Sector (Shareholdings) Act 1998.
 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.