Second Reading Speeches

Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the

Corporations Act 2001
to: extend the crowd-sourced funding (CSF) framework for public companies to eligible proprietary companies, subject to additional reporting requirements and accountability standards; provide that proprietary companies with shareholders who acquire shares through a CSF offer are not subject to the takeovers rules; introduce special investor protections for proprietary companies accessing the CSF regime; and remove the temporary corporate governance concessions for proprietary companies that convert to or register as public companies to access the CSF regime.