Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1489
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1489
Character Range: 6001247–6002791

1489  Applications of amendments—application for and grant of licences etc. authorising margin lending financial services
 (1) Despite section 1488, during the period that:
 (a) starts at the start of the day that is one month after commencement; and
 (b) ends at the end of the day before the day that is 12 months after commencement;
subsections (2) and (3) apply.
 (2) A person may:
 (a) apply under section 913A of the amended Corporations Act for an Australian financial services licence that authorises the person to provide a margin lending financial service; and
 (b) apply under section 914A of the amended Corporations Act for a variation of a condition of an Australian financial services licence to authorise the person to provide a margin lending financial service.
 (3) ASIC may:
 (a) grant an Australian financial services licence to a person under section 913B of the amended Corporations Act that authorises the person to provide a margin lending financial service, and otherwise deal with that licence (for example, by suspending or cancelling it) under Chapter 7; and
 (b) impose or vary conditions on an Australian financial services licence under section 914A of the amended Corporations Act to authorise a person to provide a margin lending financial service, and otherwise deal with those conditions (for example, by revoking or varying them) under Chapter 7;
but the Australian financial services licence, condition, or variation of a condition, does not take effect until the day that is 12 months after commencement.