CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.12 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS LEGISLATION AMENDMENT (FINANCIAL SERVICES MODERNISATION) ACT 2009  

Division 1 - Transitional provisions relating to Schedule 1 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009  

SECTION 1490   APPLICATION OF AMENDMENTS - BETWEEN 6 AND 12 MONTHS AFTER COMMENCEMENT  

1490(1)   [ Earlier application to certain persons]  

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.

1490(2)   [ Licensees not applying for variation or application refused]  

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.

1490(3)   [ Non-licensees not applying for licence or application refused]  

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.