Commonwealth Coat of Arms

 

Approval to hold a stake of more than 20% in a financial sector company No. 17 of 2022

Financial Sector (Shareholdings) Act 1998

 

To: Novatti Group Limited ABN 98 606 556 183 (the applicant) SINCE:

  1. the applicant has applied to the Treasurer under subsection 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold a stake of more than 20% in IBOA Group Holdings Pty Ltd ABN 35 631 278 736 (the financial sector company);

 

B.            I have considered the matters prescribed in the Financial Sector (Shareholdings) Rules 2019; and

 

C.            I am satisfied that the criteria in subsection 14A(1) of the Act are met in relation to the applicant and the financial sector company,

 

I, Therese McCarthy Hockey, a delegate of the Treasurer, under paragraph 14(1)(b) of the Act, APPROVE the applicant holding a stake of 90.89% in the financial sector company.

 

This instrument commences on the day it is made and remains in force for the period worked out under section 15A of the Act.

 

 

Dated: 2 November 2022

 

 

Therese McCarthy Hockey Member

APRA

 

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

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

relevant licensed 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.

Notes

This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company and, where applicable, the relevant licensed company.

Section 16A of the Act sets out conditions that apply to an approval under paragraph 14(1)(b) of the Act.

Section 19A of the Act provides for flow-on approvals for an approval under paragraph 14(1)(b) of the Act. If the approval relates to a financial sector company that is a holding company of the relevant licensed company for the approval, subsection 19A(1)(a) provides for flow-on approvals that relate to the relevant licensed company and to each financial sector company that is both a 100% subsidiary of the holding company and a holding company of the relevant licensed company. If the approval is held by a company, subsection 19A(4) provides for flow-on approvals to be held by each officer of the company.