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

Schedule 1   Restrictions on shareholdings

Part 2   Application and transitional provisions

50   Transitional - pending application for approval to hold a stake of more than 20%

(1) This item applies to an application under section 13 of the Financial Sector (Shareholdings) Act 1998 that:

(a) was made before the commencement of this item; and

(b) is seeking approval to hold a stake of more than 20% in a financial sector company; and

(c) is pending immediately before the commencement of this item.

(2) The application has effect, after the commencement of this item, as if the application:

(a) had been made under section 13 of the Financial Sector (Shareholdings) Act 1998 as amended by this Schedule; and

(b) specified that the applicant is seeking for the approval to be granted on the basis of paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998.