Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - No. 14 of 2021

Administered by Department of the Treasury

Legislation au F2021N00159 Not in force Notifiable Instrument

Legislation content

 

 

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - No. 14 of 2021

 

Financial Sector (Shareholdings) Act 1998

 

 

To: The persons in Schedule 1 (the Existing Approval Holders) and the persons named in Schedule 2 (the Applicants)

 

SINCE:

 

  1. On 15 October 2018, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in NobleOak Life Limited ABN 85 087 648 708 (the company), a financial sector company under the Act (the Existing Approval);

 

B.     On 27 May 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.     On 27 May 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in the company;

 

D.     I am satisfied it is in the national interest for the Applicants to hold a 100% stake in the company,

 

 

I, Suzanne Johnson, General Manager:

 

(a)   under section 18(3) of the Act, REVOKE the Existing Approval; and

 

(b)   under section 14(1) of the Act, APPROVE each of the Applicants to hold a 100% stake in the company;

 

(c)    under section 16(1) IMPOSE the conditions set out in Schedule 3.

 

This instrument commences on the day it is made and remains in force indefinitely.

 

 

 

 

Dated: 12 July 2021

 

 

 

 

Suzanne Johnson1 General Manager Insurance Division

 

 

Interpretation

 

Act means the Financial Sector (Shareholdings) Act 1998.

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.

unacceptable shareholding situation has the meaning given in section 10 of the Act.

 

Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the

applicant and financial sector company concerned and this instrument will be registered in the Federal Register of Legislation as a notifiable instrument.

 

Note 2 Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an

authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the

holding company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


1 A delegate of the Treasurer.

Schedule 1 – the persons who have an existing approval to hold a 100% stake in NobleOak Life Limited ABN 85 087 648 708

 

  1. Avant Mutual Group Limited ABN 58 123 154 898
  2. Gant Super Pty Ltd ACN 123 104 101 as trustee for Quay Superannuation Fund
  3. Scott Gant
  4. Moneris Pty Ltd
  5. Coffs Harbour investments Pty Ltd ACN 120 737 644 as trustee for the Coffs Harbour investment Trust
  6. TK Consulting (Aust) Pty Ltd ACN 097 409 286 as trustee for The Hamman Family Trust
  7. KH Investments Pty Ltd ACN 161 364 030 as trustee for KH Development Trust
  8. Future Super KH Custodian Pty Ltd ACN 603 308 229 as trustee for Future Super Fund
  9. Kevin Hamman
  10. Future Super KH Pty Ltd ACN161 145 759 as trustee for the Future Superfund
  11. Julie McConaghy
  12. M S J Capital Pty Limited ATF Harrison Superannuation Fund
  13. Jasmah Investments Pty Limited ACN 116 326 544 as trustee for the Jasmah Investments Trust
  14. Anthony R Brown
  15. Brohok Investment Co Pty Ltd ACN 000 730 530
  16. Sampson Family Holdings Pty Limited ACN 132 818 609 as trustee for the Sampson Superannuation Fund
  17. Paul Sampson
  18. Emery Feyzeny and Judy Feyzeny as trustees of the Pluvial Super Fund
  19. Emery Feyzeny
  20. Stephen James Harrison
  21. Angela Jane Harrison
  22. Sam Alexander Harrison

 

Schedule 2 – the Applicants

 

  1. Avant Mutual Group Limited ABN 58 123 154 898
  2. Gant Super Pty Ltd ACN 123 104 101 as trustee for Quay Superannuation Fund
  3. Scott Gant
  4. Moneris Pty Ltd ABN 38 613 335 112
  5. TK Consulting (Aust) Pty Ltd ACN 097 409 286 as trustee for The Hamman Family Trust
  6. KH Investments Pty Limited ACN 161 364 030 as trustee for KH Development Trust
  7. Future Super KH Custodian Pty Limited ACN 603 308 229 as trustee for Future Super Fund
  8. Kevin Hamman
  9. Future Super KH Pty Ltd ACN 161 145 759 as trustee for the Future Superfund
  10. Julie McConaghy
  11. M S J Capital Pty. Limited ABN 99 077 115 434 ATF Harrison Superannuation Fund
  12. Jasmah Investments Pty. Ltd. ACN 116 326 544 as trustee for the Jasmah Investments Trust
  13. Anthony R Brown
  14. Brohok Investment Co Pty Ltd ACN 000 730 530
  15. Emery Feyzeny and Judy Feyzeny as trustees of the Pluvial Super Fund
  16. Emery Feyzeny

17.  Stephen James Harrison

18.  Angela Jane Harrison

19.  Sam Alexander Harrison

20.  Traction Funds Pty Limited ABN 26 641 613 416

 

 

 

Schedule 3 – conditions imposed on the Approval

 

  1. Avant Mutual Group Limited ABN 58 123 154 898 must not hold a direct control interest2 in the company of more than 35%.

 

2.      All the Applicants (apart from Avant Mutual Group Limited ABN 58 123 154 898), must not hold a direct control interest3 in the company of more than 20%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


2 Direct control interest has the meaning given in clause 11 of Schedule 1 of the Act.

 

3 Direct control interest has the meaning given in clause 11 of Schedule 1 of the Act

Overview

The Financial Sector (Shareholdings) Act 1998 was enacted to address the problem of excessive concentrations of ownership and control in the financial sector, which could potentially threaten the stability and integrity of the financial system. The Act provides the framework for the regulation of shareholdings in financial sector companies by the Treasurer, ensuring that such shareholdings do not result in unacceptable shareholding situations. The 2021 notifiable instrument, F2021N00159, issued by the General Manager of the Insurance Division under delegation from the Treasurer, revokes the existing approval for certain entities to hold a 100% stake in NobleOak Life Limited and grants new approval to the same entities, subject to specific conditions. This action was taken to ensure that the national interest is safeguarded, with the objective of maintaining the stability and integrity of the financial sector, as stipulated in the Act. The instrument will be registered in the Federal Register of Legislation as a notifiable instrument and will remain in force indefinitely from the date of its making.

Scope and Application

The Financial Sector (Shareholdings) Act 1998 governs the approval process for individuals and entities seeking to hold significant stakes in financial sector companies. Specifically, this Act applies to the persons listed in Schedule 1 (the Existing Approval Holders) and the applicants named in Schedule 2, who are seeking approval to hold a 100% stake in NobleOak Life Limited, a financial sector company. The legislation operates within the Commonwealth jurisdiction, meaning its purview and enforcement extend across the entirety of Australia. The Act allows for the revocation of existing approvals and the granting of new approvals for shareholdings in financial sector companies, subject to conditions that ensure the stability and integrity of the financial sector. Notably, the Act does not specify any explicit exclusions or exemptions, but it does impose conditions on the approval granted, as outlined in Schedule 3. The Act can be further regulated through subordinate instruments, which can extend or restrict its application. This instrument, made under section 18(3) and section 14(1) of the Act, commences on the day it is made and remains in force indefinitely.

Key Provisions

The Financial Sector (Shareholdings) Act 1998 (the Act) governs the approval process for holding a stake in a financial sector company. Section 14(1) of the Act requires that approval must be obtained from the Treasurer before a person or entity can hold a stake of more than 20% in a financial sector company. The Act mandates that the approval process considers whether the proposed shareholding is in the national interest, ensuring that the financial sector remains stable and secure. Under section 18(3) of the Act, the General Manager is authorised to revoke existing approvals if deemed necessary, which was exercised here to revoke the existing approval for the applicants to hold a 100% stake in NobleOak Life Limited. Section 13 of the Act imposes the obligation on the applicants to apply for approval to hold a 100% stake, ensuring that all changes in shareholding are formally reviewed and approved. The conditions imposed under section 16(1) of the Act, as detailed in Schedule 3, further regulate the extent to which each applicant can hold a direct control interest in the company. The Act also delineates the penalties and consequences for non-compliance. Any person or entity that fails to comply with the conditions imposed on their approval, such as exceeding the allowable control interest, may face civil or criminal penalties. Section 22 of the Act stipulates that breaches can result in fines and, in severe cases, imprisonment. The specific penalties, including the maximum fines and imprisonment terms, depend on the nature and severity of the breach. The notifiable instrument also outlines the notification process. Under section 14 of the Act, the Treasurer must provide written notice of the approval to the applicant and the financial sector company concerned. This ensures transparency and that all parties are aware of their rights and obligations under the approval. Additionally, the instrument will be registered in the Federal Register of Legislation as a notifiable instrument, making it publicly accessible and ensuring that the approval process is open to scrutiny.

Legal classification tags

Area of Law
Financial Regulation
Instrument
Statutory Instrument
Concepts
Definitions & Interpretation
Commencement Provisions
Regulatory Standards
Licensing & Registration
Enforcement Powers

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.