The Australian government has devised a Bill relating to crowdsourced funding that is aimed at addressing the following issues by establishing a CSF regime to encourage investment in innovative ideas, while providing a level of protection for retail investors.
After a slow start, crowd sourced equity funding (“crowd sourced funding”) in Australia is set to become a reality. The Corporations Amendment (Crowd-Sourced Funding) Bill 2016 (“the Bill”) was introduced into Australian Parliament in November 2016.
On 8 February 2017, the Bill, having passed through the House of Representatives was introduced to the Senate.
The Bill has now had its first and second readings in the Senate.
On 1 December 2016 the Bill was referred to the Senate Economics Legislation Committee (“the Committee”) for further investigation.