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ARTICLE · 12 OCTOBER 2017

Crowd-sourced funding for proprietary companies: Differences between exposure draft and bill

Pointon Partners
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The article discusses numerous changes to the exposure draft, as redefined by Treasury following targeted consultation.

AustraliaCorporate/Commercial Law
Laszlo Konya
Laszlo Konya
Jess Tomlinson
Jess Tomlinson
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The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Bill) has now been introduced into Parliament.

The Bill "sets out amendments to the Corporations Act 2001 (Corporations Act) to enable proprietary companies in Australia to access crowd-sourced equity funding".1

Prior to the introduction of the Bill into Parliament, the Government released draft legislation for public consultation (Exposure Draft).

For more information on the Exposure Draft please access our article here that discusses what crowd-sourced funding (CSF) is, the current limitation and the proposed extension to include proprietary companies as eligible CSF companies.

The consultation occurred between 9 May and 6 June 2017 and received submissions that were generally supportive of the extension of the CSF framework to proprietary companies.2

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