Financial Sector (Shareholdings) Act 1998

An approval under paragraph 14(1)(b), in relation to a person and in relation to a financial sector company, remains in force until the end of 2 years after the day (the threshold day) that the value of the total resident assets of the relevant licensed company for the approval first exceeds the assets threshold for the relevant licensed company.

However, if the person applies within 90 days of the threshold day for an approval under paragraph 14(1)(a) in relation to the financial sector company, the approval under paragraph 14(1)(b) remains in force:

if the application is refused—until the end of 2 years after the day the refusal was notified to the person; or

if subsection 20(4) applies to the application—until the end of 2 years after the day the application is taken to be withdrawn under that subsection; or

if the application is granted—until the approval under paragraph 14(1)(a) comes into force.

Also, if:

the person applies for an approval under paragraph 14(1)(a) in relation to the financial sector company more than 90 days after the threshold day; and

the application is granted within 2 years of the threshold day;

See also section 18 (revoking an approval).

An approval under paragraph 14(1)(b) that is granted on the basis that subsection 14A(3) applies to a company does not come into force until the company is a financial sector company.

If an approval ceases to be in force because of the operation of this section, the Treasurer must:

by notifiable instrument, publish notice of the cessation of the approval; and

give written notice of the cessation to the financial sector company concerned.