Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 5 of 2022 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 5 of 2022

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 17 May 2016, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in QInsure Limited ABN 79 607 345 853 (the company), an authorised insurance company and a financial sector company under the Act (the Existing Approval);

B. On 22 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C. On 22 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286, a financial sector company under the Act;

D. I am satisfied it is in the national interest for the Applicants to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286.

I, Peter Kohlhagen, a delegate of the Treasurer:

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

(b) under subsection 14(1) of the Act, approve each of the Applicants to hold a 100% stake in the company and for Sunsuper Pty. Ltd. ABN 88 010 720 840 to hold a 100% stake in QSuper Limited ABN 50 125 248 286.

The revocation and approvals made in this instrument are conditional on:

(a) the successor fund transfer of Sunsuper Superannuation Fund into the Australian Retirement Trust (ART); and