IntroductionIntroduction

Introduction

1. These Rules are made under subsection 45A(1) of the Financial Sector (Shareholdings) Act 1998 (the Act). They apply to applications made under section 13 of the Act for approval to be granted on the basis of paragraph 14(1)(b) of the Act.
2. For the purposes of subsection 14A(2) of the Act, these Rules prescribe matters that must be considered in determining whether a person is a fit and proper person for the purposes of paragraphs 14A(1)(a) and 18(1)(d) of the Act. However, these Rules do not limit the matters that may be considered.
3. For the purpose of subsection 14A(5) of the Act, these Rules prescribe the meaning of total resident assets in relation to a financial sector company.
4. For the purpose of paragraph 16A(5)(b) of the Act, these Rules prescribe the information that must be contained in the yearly report of prudential information given by the holder of an approval to APRA under subsection 16A(4) of the Act.

Note Matters to consider before lodging a formal application

Applicants are encouraged to discuss the proposed shareholding with APRA before lodging a formal application. APRA may make available on its website a form to assist applicants in providing all necessary information.

Applicants should also consider the need to raise their application with, or provide information in relation to the proposed stake to, other agencies, such as the Australian Taxation Office, the Australian Securities and Investments Commission, the Australian Competition and Consumer Commission and the Foreign Investment Review Board.