Federal Register of Legislation - Australian Government

Primary content

This instrument approves specified applicants to hold a stake of more than 20% in a particular financial sector company.
Administered by: Treasury
Registered 25 Feb 2022
Start Date 19 Feb 2022

 

Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021

made under the Banking Act 1959, Financial Sector (Shareholdings) Act 1998, Financial Sector (Transfer and Restructure) Act 1999, and Financial Sector (Transfer and Restructure) Regulations 2018.

Compilation No. 01

Compilation date:         19/02/2022

Includes amendments up to:               Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by The Treasury

About this compilation

 

This compilation

This is a compilation of the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021 that shows the text of the law as amended and in force on 19 February 2022 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 


Contents

Part 1—Preliminary                                                                                                      1

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

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

4  Definitions................................................................................................................................ 1

Part 2—Approvals to exceed 20% shareholding limit                                               2

5  Approvals of applications......................................................................................................... 2

6  Approval of application for transfer of business...................................................................... 6

Part 3—Related approvals for transfer of business                                                   7

7  Consent to the voluntary transfer of business between ADIs................................................... 7

8  Consent to the restructuring of ADIs....................................................................................... 7

Endnotes                                                                                                                         8

Endnote 1—About the endnotes                                                                              8

Endnote 2—Abbreviation key                                                                                 9

Endnote 3—Legislation history                                                                             10

Endnote 4—Amendment history                                                                            11

 


Part 1Preliminary

  

1  Name

                   This instrument is the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021.

3  Authority

                   This instrument is made under the following:

                     (a)  Banking Act 1959; and

                     (b)  Financial Sector (Shareholdings) Act 1998; and

                     (c)  Financial Sector (Transfer and Restructure) Act 1999; and

                     (d)  Financial Sector (Transfer and Restructure) Regulations 2018.

4  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.

ADI (authorised deposittaking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.

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

Part 2Approvals to exceed 20% shareholding limit

  

5  Approvals of applications

             (1)  Under paragraph 14(1)(a) of the Act, each item of the following table grants approval to the applicant specified in the item:

                     (a)  to hold more than a 20% stake in the financial sector company specified in the item; and

                     (b)  to hold no more of the stake specified in the item in the financial sector company.

 

Item

Name of applicant

ABN of applicant

Financial sector company

ABN of financial sector company

Approved holding in the financial sector company

1

Bank of Queensland Limited

32 009 656 740

Members Equity Bank Limited

56 070 887 679

100%

2

Bank of Queensland Limited

32 009 656 740

ME Portfolio Management Limited

79 005 964 134

100%

3

BOQ Asset Finance & Leasing Pty Ltd

79 074 206 634

Members Equity Bank Limited

56 070 887 679

100%

4

BOQ Asset Finance & Leasing Pty Ltd

79 074 206 634

ME Portfolio Management Limited

79 005 964 134

100%

5

BOQ Credit Pty Limited

92 080 151 266

Members Equity Bank Limited

56 070 887 679

100%

6

BOQ Credit Pty Limited

92 080 151 266

ME Portfolio Management Limited

79 005 964 134

100%

7

BOQF Cashflow Finance Pty Ltd

68 062 762 921

Members Equity Bank Limited

56 070 887 679

100%

8

BOQF Cashflow Finance Pty Ltd

68 062 762 921

ME Portfolio Management Limited

79 005 964 134

100%

9

BOQ Equipment Finance Limited

78 008 492 582

Members Equity Bank Limited

56 070 887 679

100%

10

BOQ Equipment Finance Limited

78 008 492 582

ME Portfolio Management Limited

79 005 964 134

100%

11

BOQ Finance (Aust) Limited

56 065 745 735

Members Equity Bank Limited

56 070 887 679

100%

12

BOQ Finance (Aust) Limited

56 065 745 735

ME Portfolio Management Limited

79 005 964 134

100%

13

BOQ Funding Pty Limited

35 079 936 495

Members Equity Bank Limited

56 070 887 679

100%

14

BOQ Funding Pty Limited

35 079 936 495

ME Portfolio Management Limited

79 005 964 134

100%

15

BOQ Home Pty Ltd

72 051 900 380

Members Equity Bank Limited

56 070 887 679

100%

16

BOQ Home Pty Ltd

72 051 900 380

ME Portfolio Management Limited

79 005 964 134

100%

17

BOQ Specialist (Aust) Limited

55 071 292 594

Members Equity Bank Limited

56 070 887 679

100%

18

BOQ Specialist (Aust) Limited

55 071 292 594

ME Portfolio Management Limited

79 005 964 134

100%

19

BOQ Specialist Pty Ltd

94 110 704 464

Members Equity Bank Limited

56 070 887 679

100%

20

BOQ Specialist Pty Ltd

94 110 704 464

ME Portfolio Management Limited

79 005 964 134

100%

21

BOQ Share Plans Nominee Pty Ltd

87 102 803 261

Members Equity Bank Limited

56 070 887 679

100%

22

BOQ Share Plans Nominee Pty Ltd

87 102 803 261

ME Portfolio Management Limited

79 005 964 134

100%

23

B.Q.L. Management Pty. Ltd.

87 081 052 342

Members Equity Bank Limited

56 070 887 679

100%

24

B.Q.L. Management Pty. Ltd.

87 081 052 342

ME Portfolio Management Limited

79 005 964 134

100%

25

Home Credit Management Pty Ltd

84 009 108 123

Members Equity Bank Limited

56 070 887 679

100%

26

Home Credit Management Pty Ltd

84 009 108 123

ME Portfolio Management Limited

79 005 964 134

100%

27

Home Financial Planning Pty Ltd

92 009 055 136

Members Equity Bank Limited

56 070 887 679

100%

28

Home Financial Planning Pty Ltd

92 009 055 136

ME Portfolio Management Limited

79 005 964 134

100%

29

Pioneer Permanent Pty Ltd

36 087 652 042

Members Equity Bank Limited

56 070 887 679

100%

30

Pioneer Permanent Pty Ltd

36 087 652 042

ME Portfolio Management Limited

79 005 964 134

100%

31

StateWest Financial Planning Pty Ltd

32 009 137 508

Members Equity Bank Limited

56 070 887 679

100%

32

StateWest Financial Planning Pty Ltd

32 009 137 508

ME Portfolio Management Limited

79 005 964 134

100%

33

St Andrew’s Australia Services Pty Ltd

75 097 464 616

Members Equity Bank Limited

56 070 887 679

100%

34

St Andrew’s Australia Services Pty Ltd

75 097 464 616

ME Portfolio Management Limited

79 005 964 134

100%

35

St Andrew’s Insurance (Australia) Pty Ltd

89 075 044 656

Members Equity Bank Limited

56 070 887 679

100%

36

St Andrew’s Insurance (Australia) Pty Ltd

89 075 044 656

ME Portfolio Management Limited

79 005 964 134

100%

37

St Andrew’s Life Insurance Pty Ltd

98 105 176 243

Members Equity Bank Limited

56 070 887 679

100%

38

St Andrew’s Life Insurance Pty Ltd

98 105 176 243

ME Portfolio Management Limited

79 005 964 134

100%

39

Virgin Money (Australia) Pty Limited

75 103 478 897

Members Equity Bank Limited

56 070 887 679

100%

40

Virgin Money (Australia) Pty Limited

75 103 478 897

ME Portfolio Management Limited

79 005 964 134

100%

41

Virgin Money Financial Services Pty Ltd

51 113 285 395

Members Equity Bank Limited

56 070 887 679

100%

42

Virgin Money Financial Services Pty Ltd

51 113 285 395

ME Portfolio Management Limited

79 005 964 134

100%

43

Virgin Money Home Loans Pty Limited

81 117 183 623

Members Equity Bank Limited

56 070 887 679

100%

44

Virgin Money Home Loans Pty Limited

81 117 183 623

ME Portfolio Management Limited

79 005 964 134

100%

45

BOQ Finance (NZ) Limited
[registered in New Zealand]

Members Equity Bank Limited

56 070 887 679

100%

46

BOQ Finance (NZ) Limited

[registered in New Zealand]

ME Portfolio Management Limited

79 005 964 134

100%

47

Alliance Premium Funding Limited [registered in New Zealand]

Members Equity Bank Limited

56 070 887 679

100%

48

Alliance Premium Funding Limited [registered in New Zealand]

ME Portfolio Management Limited

79 005 964 134

100%

 

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

 

6  Approval of application for transfer of business

             (1)  Under paragraph 14(1)(a) of the Act, as modified by section 8 of the Financial Sector (Transfer and Restructure) Regulations 2018, approval is granted to the Bank of Queensland Limited (ABN 32 009 656 740) to hold 100% of the gross assets and liabilities of Members Equity Bank Limited (ABN 56 070 887 679).

             (2)  The approval granted under subsection (1) remains in force until repealed or otherwise revoked.

Part 3Related approvals for transfer of business

  

7  Consent to the voluntary transfer of business between ADIs

                   Under paragraph 11(1)(e) of the Financial Sector (Transfer and Restructure) Act 1999, consent is given to the transfer of business from Members Equity Bank Limited (ABN 56 070 887 679) to Bank of Queensland Limited (ABN 32 009 656 740).

8  Consent to the restructuring of ADIs

                   Under subsection 63(1) of the Banking Act 1959, consent is given to Members Equity Bank Limited (ABN 56 070 887 679) to enter into an arrangement or agreement for the sale or disposal of its business to Bank of Queensland Limited (ABN 32 009 656 740).


Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history. 

Endnote 2—Abbreviation key

 

 

o = order(s)

ad = added or inserted

Ord = Ordinance

am = amended

orig = original

amdt = amendment

par = paragraph(s)/subparagraph(s)

c = clause(s)

    /sub‑subparagraph(s)

C[x] = Compilation No. x

pres = present

Ch = Chapter(s)

prev = previous

def = definition(s)

(prev…) = previously

Dict = Dictionary

Pt = Part(s)

disallowed = disallowed by Parliament

r = regulation(s)/rule(s)

Div = Division(s)

 

exp = expires/expired or ceases/ceased to have

reloc = relocated

    effect

renum = renumbered

F = Federal Register of Legislation

rep = repealed

gaz = gazette

rs = repealed and substituted

LA = Legislation Act 2003

s = section(s)/subsection(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

(md) = misdescribed amendment can be given

Sdiv = Subdivision(s)

    effect

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

    cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

 

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021

21 June 2021

(F2021N00126)

22 June 2021

Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022

18 February 2022

(F2022N00031)

19 February 2022

 

 

 

 

 

 

 

 

 

Endnote 4—Amendment history

 

Provision affected

How affected

section 2

rep s48D LA

section 3

rs F2022N00031

section 4

am F2022N00031

section 5

ad F2022N00031

section 6

ad F2022N00031

section 7

ad F2022N00031