Document ID: chunk:federal_register_of_legislation:F2023N00123:body:0
Version: federal_register_of_legislation:F2023N00123
Segment Type: other
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Character Range: 0–1771

Revocation of existing approval and granting of an approval to hold a stake in a financial sector company of more than 20% - No. 5 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 2 May 2011, 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 numerous financial sector companies (the Existing Approval1);

    B.            The Existing Approval Holders requested that the Existing Approval be revoked;

    C.            The Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Youi Pty Ltd ABN 79 123 074 733 (Youi) and Youi Holdings Pty Ltd ABN 41 124 972 425 (Youi Holdings), 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 Youi and Youi Holdings.

 I, Vincent Lee, 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 a 100% stake in Youi and Youi Holdings.

 1 No. GN 18, 11 May 2011, page 1019
 The instrument commences on the day it is made and remains in force indefinitely. Dated: 24 May 2023

 Vincent Lee
 Acting General Manager Insurance Division
 Australian Prudential Regulation Authority

 Interpretation

 In this instrument:

 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.