Approval to hold a controlling stake in an RSE licensee
29HD Approval to hold a controlling stake in an RSE licensee
APRA must give approval for a person to hold a controlling stake in an RSE licensee if, and only if:
the application for approval complies with section 29HA; and
the applicant has provided to APRA all information that the applicant was requested under section 29HB to provide, or the request has been disposed of; and
APRA has no reason to believe that, because of the person’s controlling stake in the RSE licensee, or the way in which that controlling stake is likely to be used, the RSE licensee may be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.