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

Schedule 1   Restrictions on shareholdings

Part 1   Amendments

Financial Sector (Shareholdings) Act 1998

22   After section 15

Insert:

15A Duration of approval granted in relation to a new or recently established financial sector company

(1) An approval under paragraph 14(1)(b), in relation to a person and in relation to a financial sector company, remains in force until the end of 2 years after the day (the threshold day ) that the value of the total resident assets of the relevant licensed company for the approval first exceeds the assets threshold for the relevant licensed company.

(2) However, if the person applies within 90 days of the threshold day for an approval under paragraph 14(1)(a) in relation to the financial sector company, the approval under paragraph 14(1)(b) remains in force:

(a) if the application is refused - until the end of 2 years after the day the refusal was notified to the person; or

(b) if subsection 20(4) applies to the application - until the end of 2 years after the day the application is taken to be withdrawn under that subsection; or

(c) if the application is granted - until the approval under paragraph 14(1)(a) comes into force.

(3) Also, if:

(a) the person applies for an approval under paragraph 14(1)(a) in relation to the financial sector company more than 90 days after the threshold day; and

(b) the application is granted within 2 years of the threshold day;

the approval under paragraph 14(1)(b) remains in force until the approval under paragraph 14(1)(a) comes into force.

Note: See also section 18 (revoking an approval).

When approval for new financial sector company comes into force

(4) An approval under paragraph 14(1)(b) that is granted on the basis that subsection 14A(3) applies to a company does not come into force until the company is a financial sector company.

Notification of approval ceasing to be in force

(5) If an approval ceases to be in force because of the operation of this section, the Treasurer must arrange for notice of the cessation of the approval:

(a) to be published in the Gazette; and

(b) given to the financial sector company concerned.