Federal Register of Legislation - Australian Government

Primary content

This instrument gives approval, subject to conditions, for applicant companies to exceed the 20% shareholding limit in one or more financial sector companies.
Administered by: Treasury
General Comments: This instrument repeals the previously published Gazette notice, C2020G00603, registered on 24 July 2020.
Registered 29 Sep 2021

 

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

I, Josh Frydenberg, Treasurer, make the following instrument.

Dated               24 September 2021

 

Josh Frydenberg

Treasurer

 

  

  

  


Contents

Part 1—Preliminary                                                                                                      1

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

5  Definitions................................................................................................................................ 1

Part 2—Approvals to exceed 20% shareholding limit                                               3

6  Approvals of applications......................................................................................................... 3

7  Conditions on approvals........................................................................................................... 9

Schedule 1—Repeals                                                                                                    14

Notice of Approval under the Financial Sector (Shareholdings) Act 1998
(made on 22 June 2020) [C2020G00603]                                                                                      14

 


Part 1Preliminary

  

1  Name

                   This instrument is the Financial Sector (Shareholdings) (Resolution Life) Instrument 2021.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Financial Sector (Shareholdings) Act 1998.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5  Definitions

Note:       Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Financial Sector (Shareholdings) Act 1998 as in force from time to time.

                   In this instrument:

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

accounting standards has the meaning given by the Corporations Act 2001.

ACSC mean the Australian Cyber Security Centre.

auditing standards has the meaning given by the Corporations Act 2001.

Australian law has the meaning given by the Income Tax Assessment Act 1997.

Australian policy holder means a person who ordinarily resides in Australia and who holds an insurance policy that is governed by Australian law.

control has the same meaning it has in section 50AA of the Corporations Act 2001.

entity has the same meaning it has in section 64A of the Corporations Act 2001.

entity connected with a corporation has the same meaning it has in section 64B of the Corporations Act 2001.

hold, in relation to personal information, has the meaning given by the Privacy Act 1988.

personal information has the meaning given by the Privacy Act 1988.

the Act means the Financial Sector (Shareholdings) Act 1998.

the Treasury means the Department of the Treasury.


Part 2Approvals to exceed 20% shareholding limit

  

6  Approvals of applications

             (1)  Under paragraph 14(1)(a) of the Act, each applicant covered by subsection (2) is granted approval:

                     (a)  to hold more than a 20% stake in a financial sector company covered by subsection (3); and

                     (b)  to hold no more of the stake specified in the financial sector company as is specified in subsection (3).

             (2)  For the purposes of subsection (1), an applicant is covered by this subsection if the applicant is listed in an item of the following table:

 

Item

Name of applicant

ABN of applicant (if any)

Main applicants

1

Resolution Life Australia Pty Ltd

48 629 568 912

2

Resolution Life Finance (Bermuda) Ltd

 

3

Resolution Life Financial Services Holdings Limited

45 076 716 704

4

Resolution Life Group Finance (Bermuda) Ltd

 

5

Resolution Life Group Holdings (Australia) Pty Ltd

14 629 567 960

6

Resolution Life Group Holdings L.P.

 

7

Resolution Life Group Holdings Ltd

 

8

Resolution Life NOHC Pty Ltd

48 633 375 069

9

RLGH Finance Bermuda Ltd

 

10

RLGH GP Ltd

 

Other applicants

11

888 Corporation Pty Ltd

43 089 763 888

12

Abu Dhabi Investment Council

 

13

Akmar Fund LP

 

14

Alexandria Bancorp Limited as trustee for the XY Trust

 

15

AMP Group Holdings Limited

88 079 804 676

16

AMP Holdings Limited

66 079 958 062

17

AMP Life Limited

84 079 300 379

18

AMP Limited

49 079 354 519

19

AMWPL Holding Pty Ltd

57 634 367 365

20

Andrew Martin‑Weber Pty Limited

72 103 901 122

21

Andrew Vincent Fairfax

 

22

Ashbridge Transformational Secondaries Fund I, LP, by its general partner ATS Fund I GP Ltd

 

23

Ashbridge Transformational Secondaries Master Fund I B, LP, by its general partner ATS Fund I GP Ltd

 

24

Associated British Foods Pension Trustees Limited as trustee for the Associated British Foods Pension Scheme

 

25

Association of Independent Schools of South Australia

37 819 228 078

26

Aust Municipal Admin Clerical & Servs Union (Aust Servs Union ‑ Nat Office)

28 519 971 998

27

Australian Christian Churches

23 084 615 725

28

Australian Hotels Association

78 756 030 961

29

Australian Workers Union of Employees, Queensland

54 942 536 069

30

Birchtree Fund Investments Private Limited

 

31

Button Wood Investment Holding Company Ltd

 

32

Cambooya Pty. Ltd.

28 530 041 492

33

Cathay Financial Holding Co., Ltd

 

34

Cathay Life Insurance Co., Ltd

 

35

Catholic Archdiocese of Sydney

72 823 907 843

36

Christian Education National Ltd

94 003 380 274

37

Christian Schools Australia Limited

49 092 580 124

38

Christian Super Pty Ltd as trustee for Christian Super

66 628 776 348

39

Churches of Christ Property Trust

73 068 989 953

40

Club Plus Superannuation Pty Limited as trustee for Club Plus Superannuation Scheme

95 275 115 088

41

Clubs N.S.W. Pty Limited

66 087 054 439

42

Consolidated Bearing (Investments) Pty Ltd

48 105 114 458

43

Credit Suisse (USA), Inc.

 

44

Credit Suisse AG

 

45

Credit Suisse Group AG

 

46

Credit Suisse Holdings (USA), Inc.

 

47

De Hoge Dennen Capital BV

 

48

Deauville Washington Pty Ltd

33 641 416 239

49

DEP GP, L.P.

 

50

DEP RL L.P.

 

51

DEP, LLC

 

52

Development and Environmental Professionals Union

19 624 162 863

53

EIF Pty Ltd as trustee for Energy Investment Fund

20 173 551 050

54

Electricity Industry Superannuation Board as trustee for Electricity Industry Superannuation Scheme

57 923 283 236

55

Electricity Supply Industry Superannuation (Qld) Ltd as trustee for Energy Super

33 761 363 685

56

Energy Industries Superannuation Scheme Pty Limited

72 077 947 285

57

Energy Industries Superannuation Scheme Pty Limited as trustee of Energy Industries Superannuation Scheme – Pool A

22 277 243 559

58

Energy Industries Superannuation Scheme Pty Limited as trustee of Energy Industries Superannuation Scheme – Pool B

64 322 090 181

59

Fay Martin‑Weber

 

60

Fiona Martin‑Weber

 

61

Fullerton Fund Investments Pte Ltd

 

62

General Organisation for Social Insurance

 

63

Glenstir Pty. Limited

64 082 977 722

64

Government of the Emirate of Abu Dhabi

 

65

Hamilton Investment Feeder LLP

 

66

Hamilton Investment HoldCo Limited

 

67

Hamilton Securities (Bermuda) Limited

 

68

Hassana Investment Company

 

69

Helix Equities Ltd

 

70

Host‑Plus Pty Limited as trustee for the Hostplus Pooled Superannuation Trust

13 140 019 340

71

Independent Education Union (South Australia) Incorporated

37 581 749 503

72

Independent Education Union of Australia New South Wales/Australian Capital Territory Branch

91 925 561 384

73

JPMC Strategic Investments I Corporation

 

74

JPMorgan Chase & Co

 

75

JPMorgan Chase Holdings LLC

 

76

Karl Martin‑Weber

 

77

Karl Martin‑Weber Pty Limited

93 103 901 211

78

KKR & Co. Inc.

 

79

KKR Associates Holdings GP Limited

 

80

KKR Associates Holdings L.P.

 

81

KKR Group Holdings Corp.

 

82

KKR Group Partnership L.P.

 

83

KKR Holdings GP Limited

 

84

KKR Holdings L.P.

 

85

KKR Intermediate Partnership GP Limited

 

86

KKR Intermediate Partnership L.P.

 

87

KKR Management LLP

 

88

KKR Radar LLC

 

89

L3 Investment HoldCo Ltd

 

90

L5 Investment Holdings GP Limited

 

91

L5 Investment Holdings LP

 

92

LGIAsuper Trustee as trustee for LGIAsuper

23 053 121 564

93

LGSS Pty Limited as trustee for Local Government Super

28 901 371 321

94

Lincolnshire County Council acting as the administering authority for the Lincolnshire County Council Pension Fund

 

95

LM Fund LP, acting by its general partner, LM GP Ltd

 

96

Local Government Association of South Australia

83 058 386 353

97

Local Government NSW

49 853 913 882

98

Lucas Sielecki

 

99

Maltime Pty. Limited

43 082 861 792

100

Marbear Holdings Pty Ltd

61 000 391 668

101

Mitchel Martin‑Weber

 

102

Mitchel Martin‑Weber Pty Limited
(ACN 103 901 042)

 

103

Morgan Stanley

 

104

Morgan Stanley AIP GP LP

 

105

Morgan Stanley Alternative Investments LLC

 

106

Morgan Stanley Capital Management, LLC

 

107

Morgan Stanley International Holdings Inc.

 

108

Morgan Stanley International Limited

 

109

Morgan Stanley Investment Management Inc.

 

110

Morgan Stanley Investment Management Ltd.

 

111

Morgan Stanley Investments (UK)

 

112

Mubadala Investment Company PJSC

 

113

New South Wales Local Government, Clerical, Administrative, Energy, Airlines & Utilities Union (trading as United Services Union)

95 571 805 442

114

New South Wales Treasury Corporation as trustee for TCorpIM Opportunistic Fund E

94 760 614 358

115

New South Wales Treasury Corporation in its capacity as trustee of the TCorpIM Opportunistic Fund A

86 850 519 360

116

NGS Super Pty Limited as trustee for NGS Super

73 549 180 515

117

Nippon Life Insurance Company

 

118

Partners Capital Cayman Ltd

 

119

Partners Capital Phoenix Fund II Ltd – Diversified Income Fund

 

120

Petunia Invest 72 CV

 

121

Pieter de Rijcke

 

122

Plainwest Investments Inc

 

123

PMF VII GP Ltd as general partner of Private Markets Fund VII LP

 

124

PMF VII GP Ltd as general partner of Private Markets VII Offshore Investors LP

 

125

QSuper Board as trustee for QSuper

60 905 115 063

126

Queensland Chamber of Commerce and Industry Limited

55 009 662 060

127

Queensland Council of Unions

43 109 318 638

128

Registered Clubs Association Holdings Pty Ltd

37 001 367 184

129

ReliaStar Life Insurance Company

 

130

Resolution Capital Limited

 

131

Resolution Life AAPH Limited

78 069 123 011

132

Richard Alexander Mills

 

133

RLNM Limited

72 004 020 437

134

Ruth Armytage

 

135

Sandooq Al Watan Investments (Restricted) Ltd

 

136

Sarah White

 

137

SAS Trustee Corporation

29 239 066 746

138

Savanna Investment Co., Ltd

 

139

Silk Road Fund Co., Ltd

 

140

Singapore Minister for Finance

 

141

Sir Clive Cowdery

 

142

South Australian Commission for Catholic Schools Incorporated

84 572 437 441

143

South Australian Employers’ Chamber of Commerce and Industry Inc (trading as Business SA)

14 725 309 328

144

Stanhope RG Investments RSC Limited

 

145

State Administration of Foreign Exchange

 

146

Statewide Superannuation Pty Ltd as trustee for Statewide Superannuation Trust

54 145 196 298

147

Sterrehof Holding BV

 

148

Stichting Administratiekantoor Cimaria III

 

149

Stichting Administratiekantoor Juel

 

150

Stichting Administratiekantoor Longleaf III

 

151

Stichting Administratiekantoor Rubinus

 

152

Sunsuper Pty Ltd as trustee for QSuper

60 905 115 063

153

Sunsuper Pty Ltd as trustee for Sunsuper Superannuation Fund

98 503 137 921

154

Temasek Holdings (Private) Limited

 

155

The Amalgamated AWU SA State Union

99 654 147 905

156

The Association of Independent Schools of New South Wales Limited

96 003 509 073

157

The Bank of New York Mellon as trustee for The Consolidated Edison Pension Plan Master Trust

 

158

The Baptist Union of Australia Incorporated

14 389 247 348

159

The Independent Education Union of Australia Victoria Tasmania Branch

34 532 902 687

160

The Local Government Engineers Association of New South Wales

39 866 830 869

161

The Registered Clubs ASSN of New South Wales

61 724 302 100

162

The States of Guernsey Acting by and through the Committee for Employment & Social Security

 

163

The States of Guernsey Superannuation Fund, Acting Through the Policy and Resources Committee

 

164

The University of Sydney

15 211 513 464

165

Thelma Martin‑Weber

 

166

Timothy Vincent Fairfax

 

167

Togethr Trustees Pty Ltd as trustee for equipsuper

33 813 823 017

168

Togethr Trustees Pty Ltd as trustee for Mylife MyMoney Superannuation Fund

50 237 896 957

169

United Trades & Labor Council Building Inc

54 981 385 829

170

United Voice – NSW Branch

94 006 539 878

171

Universities Superannuation Scheme Limited

 

172

Urania Holdings

 

173

VNL (Cayman) Ltd.

 

174

Votraint No 74 Pty Ltd

26 002 785 088

175

Voya Financial, Inc.

 

176

Voya Holdings Inc.

 

177

Voya Retirement Insurance and Annuity Company

 

178

Voya Special Investments, Inc.

 

 

             (3)  For the purposes of subsection (1), a financial sector company is covered by this subsection if the company is listed in an item of the following table:

 

Item

Financial sector company

ABN of financial sector company

Approved holding in the financial sector company

1

AMP Life Limited

84 079 300 379

100%

2

Resolution Life AAPH Limited

78 069 123 011

100%

3

Resolution Life Australia Pty Ltd

48 629 568 912

100%

4

Resolution Life Financial Services Holdings Limited

45 076 716 704

100%

5

Resolution Life NOHC Pty Ltd

48 633 375 069

100%

6

RLNM Limited

72 004 020 437

100%

 

             (4)  To avoid doubt, subsection (1) does not have the effect of granting an applicant approval to hold any stake in itself.

             (5)  The approvals granted under subsection (1) remain in force until repealed or otherwise revoked.

7  Conditions on approvals

             (1)  Under section 16 of the Act, an approval granted under subsection 6(1) is subject to each of the conditions set out in this section.

Condition 1:  information storage

             (2)  Each of the applicants covered by items 1, 2, 5 and 8 of the table in subsection 6(2) (the applicants) must use their best endeavours to ensure any personal information relating to a previous, current or prospective Australian policy holder of a financial sector company covered by subsection 6(3) (a covered financial sector company) or a subsidiary of a covered financial sector company, and held or collected by that company or subsidiary, is stored only in Australia, and is accessible only from within Australia, except where:

                     (a)  the information is stored or accessed outside of Australia by a reinsurer in connection with a reinsurance arrangement with a covered financial sector company; or

                     (b)  the information is accessed outside of Australia in connection with the provision of services to a covered financial sector company (or a subsidiary of a covered financial sector company), and that information is only accessible using desktop virtualisation technology which complies with the Centre for Internet Security’s Level 1 Controls and Benchmarks and the ACSC’s Essential Eight Maturity Model (or any successor or replacement standards) and all of the following apply:

                              (i)  the desktop virtualisation environment employs controls to prevent the information from being sent outside of the environment (including network segregation, environment‑wide authentication and authorisation, and restrictions for email and internet access) (which comply with the ACSC’s Secure Administration Guidelines (or any successor or replacement standard); and

                             (ii)  if the desktop virtualisation environment processes the information outside of Australia—the locations at which the information is being processed employ physical security controls to prevent the information from being sent out of the environment, which comply with the ACSC’s Guidelines for Physical Security (or any successor or replacement standard); and

                            (iii)  user activity in such desktop virtualisation environments, and any connected systems, are routinely reviewed and monitored; or

                     (c)  the information is required to be accessed outside of Australia to comply with an Australian law; or

                     (d)  the information relates to a policy holder who has required or expressly, or by necessary implication, permitted the information to be stored or accessed outside of Australia.

Condition 2:  Information use, access and disclosure, and notification of data breaches

             (3)  Each of the applicants must use their best endeavours to ensure that all of the following are satisfied at all times:

                     (a)  any personal information relating to a previous, current or prospective Australian policy holder of a covered financial sector company (or a subsidiary of a covered financial sector company), and held or collected by that company or subsidiary, is not accessed, used or disclosed by any of the following entities:

                              (i)  the directors, executive managers, employees, agents and representatives (including the agents or representatives of each of these entities) of each applicant;

                             (ii)  each entity (other than a covered financial sector company or a subsidiary of a covered financial sector company) that:

                                        (A)  is controlled by an applicant; or

                                        (B)  controls an applicant; or

                                        (C)  is controlled by an entity that controls an applicant;

                            (iii)  the limited partners of the entity covered by item 6 of the table in subsection 6(2);

                            (iv)  the directors, executive managers, employees, agents and representatives of each limited partner covered by subparagraph (iii);

                             (v)  the representatives of each applicant on the board of directors of a covered financial sector company or a subsidiary of a covered financial sector company;

                            except where:

                            (vi)  such access, use or disclosure is required to discharge a duty as a director or executive manager under an Australian law; or

                           (vii)  such access, use or disclosure is required to comply with an Australian law; or

                          (viii)  such access, use or disclosure is necessary to deliver a covered financial sector company’s (or a subsidiary of a covered financial sector company’s) ordinary business services; or

                            (ix)  in relation to personal information of a particular policy holder—such access, use or disclosure has been authorised by the policy holder;

                     (b)  in relation to each 12-month period starting on 1 July 2021:

                              (i)  each applicant certifies, in writing, that they have satisfied paragraph (a); and

                             (ii)  and each director of the board of each applicant, certifies in writing that the director has not accessed, used or disclosed the personal information relating to Australian policy holders except as permitted in paragraph (a); and

                            (iii)  each applicant nominate an officer of the applicant to collect all the written certifications relating to that entity and forward them to the Treasury by email to FSSA‑IATA@treasury.gov.au, within 30 days from end of the 12‑month period; and

                     (c)  if an applicant becomes aware that the applicant, or an entity that the applicant controls, is required to give notice to the Australian Information Commissioner of an eligible data breach under the Privacy Act 1988, the applicant must provide a report about the breach (including identity of the entity involved, a description of the breach, kinds of information concerned and dates on which the breach occurred) to the Treasury, by email to FSSA‑IATA@treasury.gov.au, within 10 days of becoming so aware; and

                     (d)  each applicant has all reasonable mechanisms in place to ensure that the applicant is alerted to all eligible data breaches of a covered financial sector company (or a subsidiary of a covered financial sector company) within 14 days of the company or subsidiary becoming aware of the breach; and

                     (e)  in the event that there is unauthorised access to, or loss of, the personal information relating to the Australian policy holders, or systems which hold such data, the policy holders whose data was accessed or lost are notified, in writing, within 14 days of a covered financial sector company (or a subsidiary of a covered financial sector company) becoming aware of the unauthorised access or loss.

Condition 3: Notification of acquisitions

             (4)  Each of the applicants must notify the Treasury of each acquisition that the applicant has made and that is approved under this instrument, by email to FSSA‑IATA@treasury.gov.au, within 30 days of the acquisition happening.

Condition 4:  Independent audit reporting

             (5)  Each of the applicants must, by no later than 3 months after end of each of the applicant’s financial reporting years, give a written report to the Treasury, by email to FSSA‑IATA@treasury.gov.au, on the applicant’s compliance with the conditions in subsections (2), (3) and (4), in relation to the reporting year.

             (6)  A report under subsection (5) must satisfy the following requirements:

                     (a)  be prepared in accordance with the accounting standards and auditing standards; and

                     (b)  be prepared by one or more auditors that each satisfy the auditor independence requirements set out in Part 2M.4 of the Corporations Act 2001;

                     (c)  be informed, where appropriate, by relevant experts who are both independent and impartial; and

                     (d)  set out the identity of the auditors and experts (including any individuals involved if the auditor or expert is not an individual), the scope of the audit work undertaken, and the level of assurance to be provided by the report; and

                     (e)  any other matter advised by the Treasury, in writing to an applicant, prior to the end of a reporting period.

             (7)  Each of the applicants must satisfy all of the following in relation to a report under subsection (5):

                     (a)  no less than 60 days before the end of a reporting period, seek and obtain the Treasury’s agreement to the auditors, experts and related individuals to be engaged in preparing the report; and

                     (b)  no less than 60 days before the end of a reporting period, seek and obtain the Treasury’s agreement to the scope of the audit work to be undertaken and the level assurance to be provided by the auditor and experts; and

                     (c)  authorise the auditors and experts to consult with, and accept instructions directly from, the Treasury, in relation to the report, prior to the any audit work starting; and

                     (d)  authorise the auditors and experts to provide answers to inquiries from the Treasury on the content of the report or to give the Treasury access to any data or analysis underlying statements in the report; and

                     (e)  consent to, or arrange another party to consent to, reasonable access to premises and system by officials from the Treasury for the purposes of reviewing, confirming or responding to a report; and

                      (f)  if a report identifies non‑compliance with a condition—the relevant applicant or applicants must prepare a draft and detailed work program for achieving compliance (including specified actions to be taken within specified time) and give that plan to the Treasury, in writing by email to FSSA‑IATA@treasury.gov.au, within 3 months of the report being completed; and

                     (g)  if a plan mentioned in paragraph (f) is approved, action the plan according to its terms; and

                     (h)  if a plan mentioned in paragraph (f) is not approved, resubmit another draft plan within a further 3 months, properly responding to any comments received from the Treasury.

             (8)  Where the applicants are required to each notify or each give a report to the Treasury under a condition in this section, one or more of the applicants (the group) may arrange for a chosen entity, to notify or report, as the case requires, on behalf of all members of the group. A notification or report given to the Treasury by the chosen entity is taken, for the purposes of the conditions, to have been given by each member of the group.

Application

             (9)  This section (other than subsection (2)) applies on or after the commencement of this instrument. Subsection (2) applies from 30 June 2022.


Schedule 1Repeals

Notice of Approval under the Financial Sector (Shareholdings) Act 1998 (made on 22 June 2020) [C2020G00603]

1  The whole of the instrument

Repeal the instrument.