Approval to hold a stake of more than 20% in a financial sector company No. 7 of 2023 – Cuscal Limited
made under subsection 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold a stake of more than 20% in Cuscal Limited ABN 95 087 822 455 (the financial sector company)
Compilation No. 1
Compilation date: 4 July 2024
Includes amendments: Extension of approval to hold a stake of more than 20% in a financial sector company 2024 – Cuscal Limited – 10 of 2024
About this compilation
This compilation
This is a compilation of the Approval to hold a stake of more than 20% in a financial sector company No. 7 of 2023 – Cuscal Limited that shows the text of the law as amended and in force on 4 July 2024 (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 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 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 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Approval to hold a stake of more than 20% in a financial sector company No. 7 of 2023 – Cuscal Limited
Financial Sector (Shareholdings) Act 1998
To: Cuscal SaleCo Limited ACN 670 386 713 (the applicant)
SINCE:
- 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 Cuscal Limited ABN 95 087 822 455 (the financial sector company); and
- I am satisfied that it is in the national interest to approve the applicant holding a stake of more than 20% in the financial sector company,
I, Renée Roberts, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, APPROVE the applicant holding a stake of 100% in the financial sector company.
Under subsection 16(1) of the Act, this approval is subject to the condition set out in the schedule.
This instrument takes effect on the day it is made and remains in force until 31 July 2025.
Dated: 21 September 2023
Renée Roberts
General Manager
Banking Division
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.
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.
Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.
Schedule – the condition
The applicant must not exercise any voting power in the financial sector company.
Interpretation
In this schedule:
voting power has the meaning given in clause 9 of Schedule 1 to the Act.
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 how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.
Endnote 2—Abbreviation key
ad = added or inserted | orig = original |
am = amended | par = paragraph(s)/subparagraph(s) |
amdt = amendment | /sub‑subparagraph(s) |
c = clause(s) | pres = present |
C[x] = Compilation No. x | prev = previous |
Ch = Chapter(s) | (prev…) = previously |
def = definition(s) | Pt = Part(s) |
Dict = Dictionary | r = regulation(s)/rule(s) |
disallowed = disallowed by Parliament | reloc = relocated |
Div = Division(s) | renum = renumbered |
exp = expires/expired or ceases/ceased to have | rep = repealed |
effect | rs = repealed and substituted |
F = Federal Register of Legislation | s = section(s)/subsection(s) |
gaz = gazette | Sch = Schedule(s) |
LA = Legislation Act 2003 | Sdiv = Subdivision(s) |
LIA = Legislative Instruments Act 2003 | 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 |
o = order(s) | commenced or to be commenced |
Ord = Ordinance |
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Endnote 3—Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
Approval to hold a stake of more than 20% in a financial sector company No. 7 of 2023 – Cuscal Limited | 21 September 2023 (see F2023N00325) | 21 September 2023 | - |
Extension of approval to hold a stake of more than 20% in a financial sector company 2024 – Cuscal Limited – 10 of 2024 | 3 July 2024 (see F2024N00602) | 4 July 2024 | - |
Endnote 4—Amendment history
Provision affected | How affected |
Cessation date | am F2024N00602 |
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