Mills Oakley has made a submission on the Corporations Amendment (Crowd-sourced Funding) Bill 2015. The bill would place the CSF intermediary (platform provider) at the centre of the regime, requiring that all crowd-funding be done through a CSF intermediary. The submission expresses the concern that the CSF intermediary is put in a position of material conflict and is also made a de facto regulator of issuers. Combined with high statutory liabilities, this level of regulation may make the costs of a CSF intermediary too high and so undermine the crowd-sourced funding regime.
To read Mills Oakley’s submission, please click here.
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