Section 1489 — Corporations Act 2001: 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.