Section 1489 — Corporations Act 2001 (Cth)

(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.

Related sections

• s 1486 — Application of new section 206EAA
• s 1487 — Definitions
• s 1488 — Application of amendments—general
• s 1490 — Application of amendments—between 6 and 12 months after commencement
• s 1491 — Acquisition of property
• s 1492 — Regulations

Research how courts apply s 1489

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.