Australia’s corporate regulator is requesting industry feedback on its guidance for the new crowd-sourced funding regime, which is set to begin later this year.
The Australian Securities and Investments Commission (ASIC) has released two consultation papers proposing guidance for public companies and intermediaries who will operate in the new crowd-sourced funding (CSF) regime.
The CSF system, which will begin 29 September 2017, will allow eligible public companies to make offers of ordinary shares to investors via a licensed platform.
New Funding Sources
«CSF has the potential to be a new source of funding for small to medium-sized businesses, including start-up and early-stage companies,» said John Price ASIC Commissioner.
Consultation Paper 288 'Crowd-sourced funding: Guide for public companies' has been prepared by ASIC for companies seeking to raise funds through CSF, while CP 289 'Crowd-sourced funding: Guide for intermediaries' is aimed at intermediaries.
The deadline for submissions on both consultation papers is 3 August 2017.
