Crowd-sourced equity funding regulations for proprietary companies
The Government has released exposure draft regulations providing further detail on the extension of the crowd-sourced funding (CSF) framework to proprietary companies. This is the next step in enabling proprietary companies to access equity crowdfunding, and follows the legislation introduced to the Parliament on 14 September 2017.
The draft regulations also make refinements to the existing CSF regime for public companies, to add flexibility to the structure and contents of CSF offer documents in addition to requiring disclosure relevant to the proprietary companies, and make other minor changes to clarify the operation of the existing rules.
Source: The Commonwealth of Australia