Financial Sector (Shareholdings) Act 1998

The Treasurer may, by notifiable instrument, revoke an approval that a person holds under section 14 in relation to a financial sector company if the Treasurer is satisfied that:

it is in the national interest to do so; or

an unacceptable shareholding situation exists in relation to the financial sector company and in relation to the person; or

there has been a contravention of a condition to which the approval is subject; or

if the approval was granted under paragraph 14(1)(b)—the person is no longer a fit and proper person to hold the approval.

The revocation takes effect on the day specified in the instrument of revocation. 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 a person who holds an approval under section 14 requests the Treasurer to revoke the approval, the Treasurer must, by notifiable instrument, revoke the approval.

If the Treasurer revokes an approval under this section, the Treasurer must give written notice of the revocation (including a copy of the instrument made under subsection (1) or (3)) to:

the person who held the approval; and

the financial sector company concerned.