Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 24 of 2021 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 24 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 28 August 2007, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 50% stake in RACT Insurance Pty. Ltd. ABN 96 068 167 804 (RACTI), a financial sector company under the Act (the Existing Approval).

B. On 5 November 2021, the Existing Approval Holders requested that the Existing Approval be revoked.

C. On 30 September 2021 and 5 November 2021, the Applicants applied to the Treasurer under section 13 of the Act for the following approval:

1. The Royal Automobile Club of Tasmania Limited ABN 62 009 475 861 (RACT) to hold a 100% stake in each of RACT Pty. Ltd. ACN 009 551 615 (RACT Pty Ltd), RACT Investment Holdings Pty Ltd ABN 17 651 441 548 (RACTIH) and RACTI, each a financial sector company under the Act;

b. RACT Pty Ltd to hold a 100% stake in RACTIH and RACTI, each a financial sector company under the Act; and

c. RACTIH hold a 100% stake in RACTI, a financial sector company under the Act.

D. I am satisfied it is in the national interest to grant the approval.

I, Sharyn Reichstein, a delegate of the Treasurer:

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

(b) under section 14(1) of the Act, approve:

1. RACT holding a 100% stake in each of RACT Pty Ltd, RACTIH and RACTI;

b. RACT Pty Ltd holding a 100% stake in each of RACTIH and RACTI; and