Document ID: chunk:federal_register_of_legislation:F2021N00061:body:0:p1
Version: federal_register_of_legislation:F2021N00061
Segment Type: other
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Character Range: 0–2724

Approval to hold a stake of more than 20% in a financial sector company No. 5 of 2021

 Financial Sector (Shareholdings) Act 1998

    To: Swiss Re Ltd (SRL), Swiss Re Corporate Solutions Ltd (SRCS) and Swiss Re Corporate Solutions Holding Company AG (SRCSH) (the applicants)

 SINCE:

     A.     The applicants have applied to the Treasurer under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act) for the following approvals:
             1. SRCSH to hold 100% stake in Swiss Re International SE (SRI);
             2. SRCS to hold a 100% stake in SRCSH and SRI; and
             3. SRL to hold a 100% stake in SRCS, SRCSH and SRI;

     B.     The approval is required as SRCSH will become a holding company of SRI, a financial sector company under the Act;

     C.     I am satisfied that it is in the national interest to approve the approvals being sought in Recital A. above;

     I, Sharyn Reichstein, a delegate of the Treasurer, APPROVE:

             1. SRCSH to hold 100% stake in SRI;
             2. SRCS to hold a 100% stake in SRCSH and SRI; and
             3. SRL to hold a 100% stake in SRCS, SRCSH and SRI.

 This instrument takes effect on the date it is signed and remains in force indefinitely.

 [Signed]

 Dated: 30th March 2021

 Sharyn Reichstein
 General Manager
 Insurance Division

Interpretation

In this Notice:

100% subsidiary has the meaning given in section 3 of the Act.
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.
unacceptable shareholding situation has the meaning given in section 10 of the Act.

Note 1  Under paragraph 16(2)(a) of the Act, the Treasurer may, by written notice given to a person who holds an Approval under section 14, impose one or more conditions or further conditions to which the Approval is subject. Under paragraph 16(2)(b) of the Act, the Treasurer may revoke or vary any conditions imposed under paragraph 16(2)(a) of the Act or specified in the Notice of Approval. The Treasurer's powers under subsection 16(2) of the Act may be exercised on the Treasurer's own initiative or on application made to the Treasurer in accordance with the requirements of subsection 16(4) of the Act, by the person who holds the Approval (see subsection 16(3) of the Act).

Note 2  A person who holds an Approval under section 14 of the Act may apply to the Treasurer under subsection 17(1) of the Act, to vary the percentage specified in the Approval.

Note 3 Under subsection 17(6) of the Act, the Treasurer may, on the Treasurer's own initiative, by written notice