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CORPORATIONS ACT 2001 - SECT 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.


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