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Financial Sector (Shareholdings) Rules 2019

The Financial Sector (Shareholdings Act) 1998 (the FSSA) was amended by Parliament in 2018 to introduce a new streamlined ‘fit and proper’ test for shareholders of new or recently established authorised deposit-taking institutions and life insurers with assets below the relevant threshold.

The Australian Prudential Regulation Authority (APRA) has opened a consultation on the Financial Sector (Shareholdings) Rules 2019 (the Rules) that aims to provide clarity to owners of new entrant financial sector companies on whether they are likely to be approved under the Financial Sector (Shareholdings) Act 1998 (FSSA).

Written submissions are requested by 27 May 2019. See information relating to this consultation below: