Safety, Rehabilitation and Compensation Act 1988
Part VIII
PROSEGUR AUSTRALIA PTY LIMITED
NOTICE OF VARIATION OF LICENCE
Notice No 16 of 2014
Chubb Security Services Limited, ABN 81 004 247 358 (now known as Prosegur Australia Pty Limited), (the Licensee) was declared to be eligible to be granted a licence under Part VIII of the Safety, Rehabilitation and Compensation Act 1988 (the SRC Act) by legislative instrument dated 18 January 2007, registered as F2007L00341 on the Federal Register of Legislative Instruments on 12 February 2007.
The Safety, Rehabilitation and Compensation Commission (the Commission), acting under sections 103 and 104 of the SRC Act, granted a licence to Chubb Security Services Limited (now known as Prosegur Australia Pty Limited) on 25 June 2007 with a commencement date of 1 July 2007 at 12.01am (Australian Eastern Standard Time) and a cessation date of midnight (Australian Eastern Standard Time) on 30 June 2009.
This grant was notified by Notice No. 13 of 2007 in Commonwealth Gazette No. S121 on 27 June 2007.
The licence has subsequently been varied in scope, extended or the conditions varied on:
- 18 June 2008 as notified by Notice No. 14 of 2008 in Commonwealth Gazette No. GN25 on 25 June 2008;
- 29 May 2009 as notified by Notice No. 4 of 2009 in Commonwealth Gazette No. GN22 on 10 June 2009;
- 15 March 2012 as notified by Notice No. 3 of 2012 in Commonwealth Gazette No. GN8 on 27 February 2013;
- 28 March 2013 as notified by Notice No.1 of 2013 in Commonwealth Gazette No. GN14 on 10 April 2013;
- 20 June 2013 as notified by Notice No. 5 of 2013, Gazette reference number C2013G01048, published on 10 July 2013;
- 16 January 2014 as notified by Notice No. 1 of 2014, Gazette reference number C2014G00132, published on 24 January 2014.
The Commission, acting under subsection 108D(2) of the SRC Act, varies the conditions of the abovementioned licence as set out below.
Prudential Condition 4.2(c) is replaced by the following.
(c) obtained from a corporation that is authorised by the Australian Prudential Regulatory Authority (APRA) to carry on:
(i) banking business in Australia under the Banking Act 1959 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor’s AA- or better; or
(ii) insurance business in Australia under the Insurance Act 1973 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor's AA- or better and a financial strength rating of or equivalent to a Standard and Poor’s AA- or better.
The variation takes effect on 1 July 2014 at 12:01am (Australian Eastern Standard Time).
Dated the 25th day of June 2014.
Barry Sherriff
Chairperson
Safety, Rehabilitation and Compensation Commission