s 21A
In forceReporting when assets threshold exceeded
Part 2Restrictions on shareholdings in financial sector companies
Division 3AReporting by the relevant licensed company for an approval
21A Reporting when assets threshold exceeded
(1)
This section applies to the relevant licensed company for an approval under paragraph 14(1)(b).
(2)
The company must give written notice, in accordance with subsection (3), to APRA and the holder of the approval within 10 days of the day that the value of the total resident assets of the company first exceeds the assets threshold for the company.
Civil penalty: 60 penalty units.
(3)
The notice must specify the day on which the threshold was exceeded.
Note:
An approval under paragraph 14(1)(b) is subject to a condition that the holder of the approval take certain actions if a notice is received under this section (see subsection 16A(2)).
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