The Senate Economics Committee has recommended that the Corporations Amendment (Crowd-sourced funding) Bill 2015 be passed by the Senate.
The Bill has previously been passed by the House of Representatives.
The amendments to the Corporations Act would allow unlisted public companies with less than $5 million in assets and turnover to raise $5 million in funds from the ‘crowd’ over a year with reduced regulatory obligations.
The exposure draft Corporations Amendment (Crowd-sourced Funding) Regulation 2015 sets out the required contents of the crowd-sourced funding offer document, investor’s risk acknowledgment and the risk warning. It also sets out additional detail to support intermediaries to carry out gatekeeper obligations.
