Treasury Laws Amendment (Financial Sector Regulation) Act 2018 (142 of 2018)

Schedule 1   Restrictions on shareholdings

Part 1   Amendments

Financial Sector (Shareholdings) Act 1998

2   Section 8

Omit:

The allowed percentage is 15% or a higher percentage approved by the Treasurer for the person on national interest grounds.

A person who holds a stake of no more than 15% of a financial sector company may be declared by the Treasurer to have practical control of the company. The person must then take steps to end that control.

substitute:

The allowed percentage is 20% or a higher percentage approved by the Treasurer for the person either:

(a) on national interest grounds; or

(b) on the basis that the person is a fit and proper person and the company concerned is new or recently established, with assets below a certain threshold amount.

A person who holds a stake of no more than 20% of a financial sector company may be declared by the Treasurer to have practical control of the company. The person must then take steps to end that control.