Financial Sector (Shareholdings) Act 1998

A person who holds an approval under section 14 may apply to the Treasurer to vary the percentage specified in the approval.

The application must:

specify the percentage of the stake the person currently holds in the financial sector 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).

If the applicant satisfies the Treasurer that it is in the national interest to vary the percentage, the Treasurer may, by notifiable instrument, grant the application by varying the percentage specified in the approval (which may or may not be the percentage the applicant applied for).

If the Treasurer refuses an application, the Treasurer must give written notice of the refusal to the applicant.

The Treasurer may, by notifiable instrument, vary the percentage specified in an instrument of approval under subsection 14(1) if the Treasurer is satisfied that it is in the national interest to do so.

If the Treasurer varies a percentage upwards, the variation takes effect on the day the instrument under subsection (3) or (6) is registered on the Federal Register of Legislation under the Legislation Act 2003.

If the Treasurer varies a percentage downwards, the variation takes effect on the day specified in the instrument under subsection (3) or (6). The specified day must be a day at least 90 days after the day the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003.

If the Treasurer makes a variation under this section, the Treasurer must give written notice of the variation (including a copy of the instrument made under subsection (3) or (6)) to:

the applicant; and

the financial sector company concerned.