In the 2017-18 Budget, the Government announced that the it would look to relax the legislative 15 per cent ownership cap so as to reduce barriers for innovative new entrants into the banking sector.
This consultation seeks stakeholder views on the exposure draft of the Financial Sector (Shareholdings) Amendment (Relaxing Ownership Restrictions) Bill 2018 and related explanatory statement. This Bill will:
- increase the ownership cap from 15 per cent to 20 per cent; and
- introduce a streamlined approval path for new and recent entrants, where assets are under a specified amount, to allow them the time they need to test and grow their business before they need to consider diversifying ownership.
You can submit responses to this consultation up until 4 May 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Banking and Capital Markets Unit
Financial System Division
Parkes ACT 2600