Document ID: chunk:federal_register_of_legislation:F2022N00099:body:0:p1
Version: federal_register_of_legislation:F2022N00099
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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 2022

 Financial Sector (Shareholdings) Act 1998

    To: The Existing Approval Holders named in Schedule 1 and the Applicants named in Schedule 3.

 Since:

      1. On 1 November 2017, 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 RGA Reinsurance Company of Australia Limited ABN 14 072 292 712 (RGAA) (an authorised insurance company) and the financial sector companies as set out in Schedule 2 (the Existing Approval);

B.            On 3 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C.            On 3 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4; and

D.            I am satisfied it is in the national interest for the Applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4,

 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 a 100% stake in RGAA and the financial sector companies as set out in Schedule 4.

 This instrument commences on the day it is made and remains in force indefinitely. Date: 13 April 2022

 Sharyn Reichstein General Manager Insurance Division
 Australian Prudential Regulation Authority
 Interpretation

 100% subsidiary has the meaning given by section 3 of the Act.
 authorised insurance company has the meaning given by subsection 3 of the Act.
 financial sector company has the meaning given in section 3 of the Act.
 holding company has the meaning given by section 4 of the Act.
 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Notes

 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