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 regime, which will commence on 29 September 2017, will allow eligible public companies to make offers of ordinary shares to investors via a licensed platform.
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.
ASIC commissioner John Price said, “CSF has the potential to be a new source of funding for small to medium-sized businesses, including start-up and early-stage companies.
“ASIC is keen to assist public companies and crowd funding platform operators to understand and comply with their obligations under the new regime, which can help sustain investor confidence and support for CSF.”
