Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.