Financial Sector (Shareholdings) (TAL Life Limited) Instrument 2020

Financial Sector (Shareholdings) (TAL Life Limited) Instrument 2020

I, Josh Frydenberg, Treasurer, make the following instrument.

Dated 4 December 2020

Josh Frydenberg

Treasurer

Contents

Part 1—Preliminary

1  Name 

2  Commencement

3  Authority

4  Definitions

Part 2—Approvals to exceed 20% shareholding limit

5  Approvals of applications

Part 3—Revocations of approvals

6  Revocations

Part 1—Preliminary

1  Name

  This instrument is the Financial Sector (Shareholdings) (TAL Life Limited) Instrument 2020.

2  Commencement

 (1) Each provision of this 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Note: This table relates only to the provisions of this instrument as originally made.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.

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

Part 2—Approvals 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.

 (2) The approvals granted under subsection (1) remain in force until repealed or otherwise revoked.

Part 3—Revocations of approvals

6  Revocations

  Under subsection 18(3) of the Act, each item of the following table revokes an approval granted under section 14 of the Act with the details of the approval being those specified in the item: