Document ID: chunk:federal_register_of_legislation:F2021N00103:body:0:p1
Version: federal_register_of_legislation:F2021N00103
Segment Type: other
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Character Range: 1–2774

Revocation of existing approval and granting of new approval to hold a stake of more than 20% in a financial sector company No.13 of 2021

  Financial Sector (Shareholdings) Act 1998

     To: Swiss Re Ltd (SRL), Swiss Reinsurance Company Limited (SRZ) and Swiss Re Corporate Solutions Holding Company AG (SRCSH) (the applicants) and to the first and second existing approval holders listed below.

  SINCE:

       1. Swiss Re Corporate Solutions Ltd (SRCS) (the first existing approval holder) was granted approval on 12 September 2011 under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Swiss Re International SE (SRI), a financial sector company under the Act (the first existing approval);

      B.     SRL, SRCS and SRCSH (the second existing approval holders) were granted approval on 31 March 2021 under section 14(1) of the Act to hold a 100% stake in SRCS, SRCSH and SRI, each a financial sector company under the Act (the second existing approvals);

      C.     On 22 March 2021, the first and second existing approval holders requested that the first and second existing approvals be revoked upon the effective date of the merger between SRZ and SRCS as shown in the Swiss Commercial Registry;

      D.     The applicants have applied to the Treasurer under section 13 of the Act for the following approvals:
             1. SRCSH to hold a 100% stake in SRI;
             2. SRZ to hold a 100% stake in each of SRCSH and SRI;
             3. SRL to hold a 100% stake in each of SRZ, SRCSH and SRI;

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

      1. Sharyn Reichstein, a delegate of the Treasurer,

       (a)  under paragraph 14(1)(a) of the Act, APPROVE:

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

     (b)  under subsection 18(3) of the Act, REVOKE the first and second existing approvals upon the effective date of the merger between SRZ and SRCS as shown in the Swiss Commercial Registry.

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

  Dated: 24 May 2021

  [Signed]

  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