Financial Sector (Shareholdings) Act 1998

An approval under paragraph 14(1)(b) is also subject to the conditions set out in this section, in addition to any conditions to which the approval is subject under section 16.

If the holder of the approval receives a notice under section 21A from the relevant licensed company for the approval, the holder must give a written notice to the Treasurer within 30 days that specifies whether the holder intends to either:

reduce the stake held in the financial sector company to which the approval relates, to ensure an unacceptable shareholding situation does not come into existence when the approval ceases to be in force; or

apply for an approval under paragraph 14(1)(a) in relation to the financial sector company.

The relevant licensed company for an approval is required to notify the holder of the approval if the assets threshold for the company is exceeded (see section 21A).

See section 15A in relation to the duration of the approval once the assets threshold is exceeded.

After the end of every 5 year period following the approval coming into force, the holder of the approval must undergo a review by APRA of the approval.

The holder of the approval must give to APRA a yearly report of prudential information relevant to the ongoing operation of the approval.

The report must:

be in the approved form; and

contain the information (if any) prescribed by the rules; and

be provided to APRA within 30 days of the end of each financial year, or such longer period as agreed by APRA.

The functions of APRA include conducting reviews mentioned in subsection (3).

APRA may, in writing, approve a form for the purposes of paragraph (5)(a).