Document ID: chunk:federal_register_of_legislation:F2021N00021:body:0:p2
Version: federal_register_of_legislation:F2021N00021
Segment Type: other
Provision Reference: 
Character Range: 2432–4150

the holding company.

 Note 5 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and must publish a copy of this notice on the Federal Register of Legislation.

 Note 6 Under section 11 of the Act, a person or 2 or more persons under an arrangement are guilty of an offence if the person(s) acquires shares in a company and the acquisition has the result, in relation to a financial sector company, that:

     (i)    an unacceptable shareholding situation comes into existence; or

     (ii)  if an unacceptable shareholding situation already exists in relation to the company and in relation to a person
   – there is an increase in the stake held by the person in the company;

   and the person(s) was reckless as to whether the acquisition would have that result. A maximum penalty of 400 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 2,000 penalty units. By virtue of section 39 of the Act, an offence against section 11 is an indictable offence.
 SCHEDULE 1 - the persons, in addition to Arch Capital Group Ltd. (Bermuda Public Limited Liability Company) who applied for approval:

      1. Arch Reinsurance Ltd. (Bermuda Limited Liability Company)

2.      Arch Financial Holdings Europe II Limited (Ireland Holding Company)

3.      Arch Financial Holdings Europe IV Limited (Ireland Holding Company)

4.      Coface SA (France Société Anonyme)

 SCHEDULE 2 - the financial sector companies

      1. Coface SA (France Société Anonyme)

2.      Compagnie Française d'Assurance pour le Commerce Extérieur (France Société Anonyme)