Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Despite section 1488, the amendments made by the amending Schedule apply in relation to a margin lending financial service that is provided during the period that:
(a) starts at the start of the day that is 6 months after commencement; and
(b) ends at the end of the day before the day that is 12 months after commencement;
but only if, at the time the margin lending financial service is provided, subsection (2) or (3) applies to:
(c) the person who provides the margin lending financial service; and
(d) if the margin lending financial service is provided on behalf of another person--the person on whose behalf the margin lending financial service is provided.
(2) This subsection applies to a person if the person is an Australian financial services licensee and either:
(a) has not applied for a condition of the licence to be varied to authorise the person to provide the margin lending financial service; or
(b) has applied for a condition of the licence to be varied to authorise the person to provide the margin lending financial service, but has been notified by ASIC that the application has been refused.
(3) This subsection applies to a person if the person is not an Australian financial services licensee and either:
(a) has not applied for an Australian financial services licence that authorises the person to provide the margin lending financial service; or
(b) has applied for an Australian financial services licence
that authorises the person to provide the margin lending financial service,
but has been notified by ASIC that the application has been refused.