Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 55, 1998
Compilation No. 14
Compilation date: 1 October 2020
Includes amendments up to: Act No. 64, 2020
Registered: 13 October 2020
About this compilation
This compilation
This is a compilation of the Financial Sector (Shareholdings) Act 1998 that shows the text of the law as amended and in force on 1 October 2020 (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 Legislation 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 series page on the Legislation 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.
Editorial changes
For more information about any editorial changes made in this compilation, see 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 series page on the Legislation 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
1 Short title
2 Commencement
3 Definitions
4 Holding companies
5 Crown to be bound
6 External Territories
7 Extra-territorial operation
Part 2--Restrictions on shareholdings in financial sector companies
Division 1--Introduction
8 Simplified outline of this Part
9 Definitions in Schedule 1
Division 2--20% shareholding limit
10 Meaning of unacceptable shareholding situation
11 Acquisitions of shares
12 Remedial orders
Division 3--Approval to exceed 20% shareholding limit
13 Application for approval to exceed 20% shareholding limit
14 Approval of application
14A Criteria for applications relating to new or recently established financial sector companies
15 Duration of approval granted on national interest grounds
15A Duration of approval granted in relation to a new or recently established financial sector company
16 Conditions of approval
16A Additional conditions for approval granted in relation to a new or recently established financial sector company
17 Varying percentage stake approved
18 Revoking an approval
19 Flow-on approvals--approval granted on national interest grounds
19A Flow-on approvals--approval granted in relation to new or recently established financial sector company
20 Further information about applications
21 Electronic lodgment of applications
Division 3A--Reporting by the relevant licensed company for an approval
21A Reporting when assets threshold exceeded
Division 4--Practical control where 20% shareholding limit not exceeded
22 Meaning of control
23 Treasurer may declare person to have practical control of a financial sector company
24 Requirement to relinquish practical control or reduce stake
25 Remedial orders
Division 5--Record-keeping and giving of information
26 Record-keeping and giving of information
Division 6--Ancillary matters
27 Provision to attract the corporations power, the banking power and the insurance power
28 Concurrent operation of State/Territory laws
29 Validity of acts done in contravention of this Part
30 Acquisition of property
Part 3--Anti-avoidance
31 Anti-avoidance
Part 4--Injunctions
32 Injunctions
33 Interim injunctions
34 Discharge etc. of injunctions
35 Certain limits on granting injunctions not to apply
36 Other powers of the court unaffected
Part 5--Offences
38 Incorrect records
39 Indictable offences
40 Application of Criminal Code
41 Service of summons or process on foreign corporations--criminal proceedings
Part 6--Civil liability
Division 1--Civil liability in certain civil proceedings
41A Application of this Division
42 Civil liability of corporations
43 Civil liability of persons other than corporations
Division 2--Civil penalties
43A Civil penalty provisions
Part 7--Miscellaneous
44 Delegation by Treasurer
45 Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other
45A Rules
46 Regulations
47 Transitional--pre-commencement stakes in financial sector companies
Schedule 1--Ownership definitions
1 Object
2 Definitions
3 Entering into an agreement or arrangement
4 Associates
5 Power to appoint director
6 Meaning of entitled to acquire
7 Meaning of interest in a share
8 Certain interests in shares to be disregarded
9 Voting power
10 Holding a stake in a company
11 Direct control interests in a company
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
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.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
55, 1998 | 29 June 1998 | 1 July 1998 (s 2) |
| |
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 | 44, 1999 | 17 June 1999 | Sch 7 (item 45): 1 July 1999 (s 3(2)(e) and gaz 1999, No S283) | Sch 8 (items 22, 23) |
as amended by |
|
|
|
|
160, 2000 | 21 Dec 2000 | -- | ||
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 | 137, 2000 | 24 Nov 2000 | Sch 2 (items 204, 418, 419): 24 May 2001 (s 2(3)) | Sch 2 (items 418, 419) |
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 | 31, 2001 | 28 Apr 2001 | Sch 1 (items 1-4): 28 Apr 2001 (s 2(1)) | -- |
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 3) 2001 | 117, 2001 | 18 Sept 2001 | s 4: 15 Dec 2001 (s 2(1)) | s 4 |
Australian Prudential Regulation Authority Amendment Act 2003 | 42, 2003 | 24 June 2003 | Sch 2 (items 6, 7) and Sch 3: 1 July 2003 (s 2(1) item 2 and gaz 2003, No S230) | Sch 3 |
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 | 144, 2008 | 9 Dec 2008 | Sch 14 (items 97-104): 10 Dec 2008 (s 2(1) item 36) | Sch 14 (item 104) |
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 | 75, 2009 | 27 Aug 2009 | Sch 1 (item 204): 27 Feb 2010 (s 2(1) item 2) | -- |
2, 2015 | 25 Feb 2015 | Sch 3: 25 Feb 2015 (s 2(1) item 6) | Sch 3 (item 17) | |
59, 2015 | 26 May 2015 | Sch 2 (item 158): 1 July 2016 (s 2(1) item 5) | Sch 2 (items 356-396) | |
as amended by |
|
|
|
|
33, 2016 | 23 Mar 2016 | Sch 2: 24 Mar 2016 (s 2(1) item 2) | -- | |
Statute Law Revision Act (No. 1) 2016 | 4, 2016 | 11 Feb 2016 | Sch 4 (items 1, 169, 170, 387): 10 Mar 2016 (s 2(1) item 6) | -- |
Treasury Laws Amendment (Financial Sector Regulation) Act 2018 | 142, 2018 | 29 Nov 2018 | Sch 1: 1 Apr 2019 (s 2(1) item 2) | Sch 1 (items 48-52) |
37, 2019 | 5 Apr 2019 | Sch 2 (item 12): 6 Apr 2019 (s 2(1) item 1) | -- | |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 172-201, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Provision affected | How affected |
Part 1 |
|
s 3..................... | am No 75, 2009; No 142, 2018 |
s 5..................... | am No 59, 2015 |
Part 2 |
|
Division 1 |
|
s 8..................... | rs No 2, 2015 |
| am No 142, 2018 |
Division 2 |
|
Division 2 heading.......... | am No 142, 2018 |
s 10.................... | am No 142, 2018 |
s 11.................... | am No 4, 2016 |
Division 3 |
|
Division 3 heading.......... | am No 142, 2018 |
s 13.................... | am No 142, 2018 |
s 14.................... | am No 142, 2018; No 64, 2020 |
s 14A................... | ad No 142, 2018 |
s 15.................... | am No 142, 2018; No 64, 2020 |
s 15A................... | ad No 142, 2018 |
| am No 64, 2020 |
s 16.................... | am No 142, 2018; No 64, 2020 |
s 16A................... | ad No 142, 2018 |
s 17.................... | am No 142, 2018; No 64, 2020 |
s 18.................... | am No 142, 2018; No 64, 2020 |
s 19.................... | am No 142, 2018 |
s 19A................... | ad No 142, 2018 |
s 20.................... | am No 142, 2018 |
Division 3A |
|
Division 3A............... | ad No 142, 2018 |
s 21A................... | ad No 142, 2018 |
Division 4 |
|
Division 4 heading.......... | am No 142, 2018 |
s 23.................... | am No 2, 2015; No 142, 2018 |
s 24.................... | am No 31, 2001; No 117, 2001; No 2, 2015; No 4, 2016; No 142, 2018 |
s 25.................... | am No 2, 2015; No 142, 2018 |
Division 5 |
|
s 26.................... | am No 31, 2001; No 117, 2001; No 4, 2016 |
Part 3 |
|
s 31.................... | am No 2, 2015; No 4, 2016 |
Part 5 |
|
s 37.................... | rep No 137, 2000 |
s 38.................... | am No 4, 2016 |
Part 6 |
|
Division 1 |
|
Division 1 heading.......... | ad No 142, 2018 |
s 41A................... | ad No 142, 2018 |
Division 2 |
|
Division 2................ | ad No 142, 2018 |
s 43A................... | ad No 142, 2018 |
Part 7 |
|
s 44.................... | am No 42, 2003; No 142, 2018 |
s 45A................... | ad No 142, 2018 |
s 48.................... | ad No 44, 1999 |
| rep No 142, 2018 |
s 49.................... | ad No 44, 1999 |
| rep No 142, 2018 |
Schedule 1 |
|
c 2..................... | am No 144, 2008; No 2, 2015 |
c 4..................... | am No 142, 2018 |
c 9..................... | am No 37, 2019 |
c 10.................... | am No 2, 2015 |