Financial Sector (Shareholdings) (Challenger Limited) Instrument 2023

Dated   5 April 2023

Dr Jim Chalmers

Contents

Part 1—Preliminary                                                                                                                                        1

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

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

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

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

Part 2—Approvals to exceed 20% shareholding limit                                                               2

6............ Approvals of applications.............................................................................................. 2

Part 1—Preliminary

1  Name

                   This instrument is the Financial Sector (Shareholdings) (Challenger Limited) Instrument 2023.

2  Commencement

             (1)  Each provision of 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.

Note:          This table relates only to the provisions of this instrument as originally made.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  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 deposit‑taking 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 2—Approvals 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:

             (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:

             (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.