Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1 - Limit on control of certain licensees  

Subdivision B - Approval to exceed 20% voting power limit  

SECTION 851E   VARYING PERCENTAGE APPROVED  

851E(1)   Application by holder of approval.  

A person who holds an approval under section 851B may apply to vary the percentage specified in the approval by lodging with ASIC an application that:

(a) specifies the percentage of the voting power the person currently has in the widely held market body concerned; and

(b) specifies the percentage of the voting power the person is seeking approval to have in the body; and

(c) sets out the person's reasons for making the application.

Note: For fees in respect of lodging applications, see Part 9.10 .

851E(2)   [ Application given to Minister]  

ASIC must give the application to the Minister as soon as possible.

851E(3)   [ Power to grant variation in percentage]  

If the Minister is satisfied that it is in the national interest to vary the percentage, the Minister may grant the application.

851E(4)   [ Notice and scope of variation]  

If the Minister grants the application, the Minister must:

(a) give written notice of the variation to the applicant; and

(b) specify the variation granted (which may or may not be the variation the applicant applied for).

851E(5)   [ Notice of refusal]  

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

851E(6)   Minister's own initiative.  

The Minister may, by written notice given to a person who holds an approval under section 851B , vary the percentage specified in the approval if the Minister is satisfied that it is in the national interest to do so.

851E(7)   Percentage varied upwards.  

If the Minister varies a percentage upwards, the variation takes effect on the day the notice of variation is given.

851E(8)   Percentage varied downwards.  

If the Minister varies a percentage downwards, the variation takes effect on the day specified in the notice of variation. The specified day must be a day at least 90 days after the day on which the notice is given.

851E(9)   Notification of variation.  

As soon as practicable, the Minister must arrange for a copy of a notice of variation under this section to be:

(a) published in the Gazette ; and

(b) given to the widely held market body concerned.