Document ID: chunk:federal_register_of_legislation:C2023C00441:section:84c
Version: federal_register_of_legislation:C2023C00441
Segment Type: section
Provision Reference: s 84C
Character Range: 104169–105649

84C  Board must not have a significant stake in a foreign listed company
 (1) The Board must take all reasonable steps to ensure that it does not hold a stake in a foreign listed company of more than 20%.

Stake
 (2) The Financial Sector (Shareholdings) Act 1998 applies for the purposes of determining the Board's stake in a foreign listed company, with the following modifications:
 (a) assume that the Board does not have any associates;
 (b) assume that any financial assets held by the Board were held by the Board in its own right;
 (c) disregard paragraph 8(1)(c) of Schedule 1 to that Act;
 (d) the modification set out in subsection (3).
 (3) For the purposes of determining the Board's stake in a foreign listed company, if, under a securities lending arrangement:
 (a) at a particular time (the disposal time), the Board disposed of a financial asset (the borrowed financial asset) to another person (the borrower); and
 (b) the Board may come under an obligation to:
 (i) re‑acquire the borrowed financial asset from the borrower at a later time; or
 (ii) acquire an identical financial asset from the borrower at a later time;
the borrowed financial asset is taken to be held by the Board during the period:
 (c) beginning at the disposal time; and
 (d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise.

Validity of transactions
 (4) A failure to comply with subsection (1) does not affect the validity of any transaction.