Federal Register of Legislation - Australian Government

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This instrument revokes the existing approval and grants a new approval for The Royal Automobile Club of Tasmania Limited (RACT) holding a 100% stake in each of RACT Pty Ltd, RACT Investment Holdings Pty Ltd (RACTIH) and RACT Insurance Pty Ltd (RACTI); RACT Pty Ltd holding a 100% stake in each of RACTIH and RACTI; and RACTIH holding a 100% stake in RACTI.
Administered by: Treasury
Registered 15 Nov 2021

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 24 of 2021

Financial Sector (Shareholdings) Act 1998

 

TO:   The persons in Schedule 1 (the Existing Approval Holders) and the persons named in Schedule 2 (the Applicants)

 

SINCE:

 

A.        On 28 August 2007, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 50% stake in RACT Insurance Pty. Ltd. ABN 96 068 167 804 (RACTI), a financial sector company under the Act (the Existing Approval).

 

B.        On 5 November 2021, the Existing Approval Holders requested that the Existing Approval be revoked.

 

C.        On 30 September 2021 and 5 November 2021, the Applicants applied to the Treasurer under section 13 of the Act for the following approval:

 

a.   The Royal Automobile Club of Tasmania Limited ABN 62 009 475 861 (RACT) to hold a 100% stake in each of RACT Pty. Ltd. ACN 009 551 615 (RACT Pty Ltd), RACT Investment Holdings Pty Ltd ABN 17 651 441 548 (RACTIH) and RACTI, each a financial sector company under the Act;

 

b.   RACT Pty Ltd to hold a 100% stake in RACTIH and RACTI, each a financial sector company under the Act; and

 

c.   RACTIH hold a 100% stake in RACTI, a financial sector company under the Act.

 

D.        I am satisfied it is in the national interest to grant the approval.

 

I, Sharyn Reichstein, a delegate of the Treasurer:

 

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

 

(b)          under section 14(1) of the Act, approve:

 

a.         RACT holding a 100% stake in each of RACT Pty Ltd, RACTIH and RACTI;

 

b.        RACT Pty Ltd holding a 100% stake in each of RACTIH and RACTI; and

 

c.         RACTIH holding a 100% stake in RACTI.


This instrument commences on the day it is made and remains in force indefinitely. Date: 11 November 2021

[Signed]

 

Sharyn Reichstein General Manager Insurance Division

 

 

 

 

 

 

Interpretation

 

In this notice

 

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 – Existing Approval Holders:

 

1.              The Royal Automobile Club of Tasmania Limited ABN 62 009 475 861

2.              RACT Pty Ltd ACN 009 551 615

3.              RACT Holdings Pty Ltd ACN 067 492 497

4.              RACT Superannuation Fund Pty Ltd ACN 068 611 512

 

Schedule 2 – Applicants:

 

1.              The Royal Automobile Club of Tasmania Limited ABN 62 009 475 861

2.              RACT Pty. Ltd. ACN 009 551 615

3.              RACT Investment Holdings Pty Ltd ABN 17 651 441 548