(1) For section 1444 of the Act, on and after the FSR commencement:
(a) section 913B of the Act is taken to authorise ASIC to specify, in an Australian financial services licence, a date (later than the date on which the licence is granted) from which the licence takes effect; and
(b) the financial services licence is taken for all purposes not to have been granted until the specified date.
(2) Paragraph (1)(a) ceases to apply 2 years after the FSR commencement.
Note: Generally, providers of financial services (other than new entrants to the industry) will have 2 years from the FSR commencement to obtain a licence under the new regime. During this transition period, the existing legislative regime (if any) will be preserved for, and will continue to apply to, those providers.
The arrangements for the transition period are set out in Subdivision D of Division 1 of Part 10.2 of the Corporations Act.
Therefore, there will be an individual date at which the new legislative regime will begin to apply to those providers. The date will be some time between the FSR commencement and the end of the transition period (2 years after the FSR commencement), and may be the date on which the provider is granted an Australian financial services licence. It may be appropriate, in some cases, for the date of effect of the Australian financial services licence to be later than the date on which the licence is physically granted.
This arrangement ceases to apply 2 years after the end of the FSR commencement. However, the date of effect of a licence will not be affected by the end of the arrangement.