Financial Sector (Shareholdings) Act 1998

A person may apply to the Treasurer for approval to hold a stake in a particular financial sector company of more than 20%.

The application may be in relation to a company that is not a financial sector company at the time the application is made.

The application must:

specify whether the applicant is seeking for the approval to be granted on the basis of either paragraph 14(1)(a) or (b); and

specify the percentage of the stake (if any) the person currently holds in the company concerned; and

specify the percentage of the stake the person is seeking approval to hold in the company; and

set out the person’s reasons for making the application; and

be accompanied by the prescribed fee (if any).