Federal Register of Legislation - Australian Government

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This instrument revokes existing approval and grants new approval for applicants mentioned in Schedule 2 to hold a 100% stake in Liberty Financial Group Pty Ltd and LFI Group Pty Ltd.
Administered by: Treasury
Registered 14 Oct 2021

 

 

 

 

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - No. 16 of 2021

 

Financial Sector (Shareholdings) Act 1998

 

 

To:    The persons listed in Schedule 1 (the Existing Approval Holders) and the persons listed in Schedule 2 (the Applicants)

 

SINCE:

 

A.    On 11 February 2021, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Liberty Financial Group Pty Ltd ABN 59 125 611 574 (LFG) and LFI Group Pty Ltd ABN 31 138 903 581 (LFI), each a financial sector company under the Act (the Existing Approval);

 

B.    On 24 August 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.   On 2 June 2021 and 24 August 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in LFG and LFI, each a financial sector company under the Act;

 

D.   I am satisfied it is in the national interest for the Applicants to hold a 100% stake in each of LFG and LFI,

 

I, Sharyn Reichstein, a delegate of APRA;

 

(a)    under section 18(3) of the Act, REVOKE the Existing Approval; and

 

(b)   under section 14(1) of the Act, APPROVE the Applicants to hold a 100% stake in each of LFG and LFI.

 

This instrument commences on the date it is signed and remains in force indefinitely. Dated: 13 October 2021

[Signed]

Sharyn Reichstein General Manager Insurance Division


Interpretation

 

Act means the Financial Sector (Shareholdings) Act 1998.

APRA means the Australian Prudential Regulation Authority.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

unacceptable shareholding situation has the meaning given in section 10 of the Act.

Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the

applicant and financial sector company concerned and this instrument will be registered in the Federal Register of Legislation

as a notifiable instrument.

 

Note 2 Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an

authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the

holding company.


 

Schedule 1 – the Existing Approval Holders

 

US Trust Company of Delaware (3185789, Delaware, USA) as trustee of the Ma Family Trust Zayucel Limited (14613, British Virgin Islands)

Isocrates Limited (123699, British Virgin Islands) as trustee of the Isocrates Trust Sherman Ma

Z-LF Holdco LLC (7701992, Delaware, USA) Hestia Holdings BV (Netherlands)

Vesta Financial BV (Netherlands) Vesta Funding BV (Netherlands)

Liberty Financial Group Pty Ltd ABN 59 125 611 574

 

Schedule 2 – the Applicants

 

US Trust Company of Delaware (3185789, Delaware, USA) as trustee of the Ma Family Trust Zayucel Limited (14613, British Virgin Islands)

Isocrates Limited (123699, British Virgin Islands) as trustee of the Isocrates Trust Sherman Ma

Z-LF Holdco LLC (7701992, Delaware, USA) Hestia Holdings BV (Netherlands)

Vesta Financial BV (Netherlands) Vesta Funding BV (Netherlands)

Liberty Financial Group Pty Ltd ABN 59 125 611 574 Hestia Vesta LLC (4515326, Delaware, USA)