By Clea Cole (Lawyer) and Kate Landells (Senior Associate)
Last Thursday ASIC released two consultation papers which aim to assist:
- public companies; and
- crowd-sourced-funding (CSF) intermediaries (being CSF platform operators),
to navigate the new CSF regime and their obligations under that regime, which is set to take effect at the end of September this year.
In short, under the CSF regime, eligible public companies will be able to make offers of securities to a large number of investors via online platforms run by CSF intermediaries who are required to hold an Australian financial services license.
For more information on this regime, see our earlier blog post on the topic, or read the consultation papers available for download via ASIC’s website below:
- CP 288 (including draft regulatory guide, draft template CSF offer document and ASIC instruments); and
- CP 289 (including draft regulatory guide and ASIC instruments).
ASIC invites submissions on the consultation papers by 3 August 2017.