Following on from our post last year (Crowd funding: no joy for start-ups?) on crowd-sourced equity funding (CSEF), it is good to see that the Corporations Amendment (Crowd-sourced Funding) Bill 2016 (Cth) (2016 Bill) was presented before the House of Representatives on Thursday, 24 November 2016 by Treasurer Scott Morrison. This is the second attempt by the Federal Government to introduce CSEF legislation after the Corporations Amendment (Crowd-sourced Funding) Bill 2015 (Cth) (2015 Bill) lapsed following the double dissolution from the election earlier this year.
McCullough Robertson's companion piece to The Chairman's Red Book. It is written for chairmen and directors of listed and unlisted public companies, providing an overview of relevant laws and regulations applicable to their roles.
Tuesday, 29 November 2016
Wednesday, 16 November 2016
ASIC’s industry funding model – the long and the short of it
Last week Treasury released a proposals paper seeking feedback and comments on the revised model for the proposed industry funding of ASIC. The proposals paper sets out an updated version of the model first proposed by Treasury in late 2015. The updates are a result of extensive consultation with industry.
Round table meetings are scheduled during the week commencing 28 November 2016 with the formal consultation period scheduled to end on 16 December 2016.
Draft legislation is expected to be available in March 2017, with the model to commence in the second half of 2017. The first payable invoices are expected to be issued in January 2019 to recover ASIC’s 2017-18 costs.
Round table meetings are scheduled during the week commencing 28 November 2016 with the formal consultation period scheduled to end on 16 December 2016.
Draft legislation is expected to be available in March 2017, with the model to commence in the second half of 2017. The first payable invoices are expected to be issued in January 2019 to recover ASIC’s 2017-18 costs.
Thursday, 3 November 2016
ASX strikes a balance for earlier stage IPOs
Following a lengthy consultation process, ASX yesterday released its Response to Consultation on updating its admission requirements and associated Guidance Notes for listing on the exchange.
The proposed changes (which were originally published on 12 May 2016), received a strong level of interest from a range of stakeholders including investors, listed companies, brokers and corporate advisory groups, with over 56 written submissions being provided to ASX. This feedback, together with the feedback provided in a number of consultation meetings held by ASX, has shaped the final package of amendments. The final position appears to have struck a balance which may assist early stage technology and innovation entities looking to list on the exchange.
The proposed changes (which were originally published on 12 May 2016), received a strong level of interest from a range of stakeholders including investors, listed companies, brokers and corporate advisory groups, with over 56 written submissions being provided to ASX. This feedback, together with the feedback provided in a number of consultation meetings held by ASX, has shaped the final package of amendments. The final position appears to have struck a balance which may assist early stage technology and innovation entities looking to list on the exchange.
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