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澳洲证券与投资委员会再发众筹新政

本周四,澳大利亚证券与投资委员会(Australian Securities and Investments Commission,后文简称ASIC)发布了一份针对众筹融资的监管指南草案,草案允许创企向投资者发行股票募资。

按照新法规要求,合并资产及年收益小于2500万美元的非上市公司每年至多可融资500万澳元,新政策将于9月下旬起执行。而现行规则规定,众筹募资创企只能向资产超过250万美元的富裕投资者发行股票。

不过ASIC也表示,企业及其他相关人员在获得融资许可的同时也必须遵守相关条例,比如不得多渠道众筹;企业宣传众筹的方式和途径也将受到限制。

ASIC在报告中表示,许多采用众筹模式的企业时创企或处于起步阶段,并没有从公众处募资的经验。企业不遵守这些规则会造成犯罪等后果。”

想通过股权众筹募资的创企也必须在ASIC处注册为上市公司。

今年3月,澳大利亚国会正式通过了众筹新规。根据新规,任何人均可投资购买企业所发行股票。

投资者投资限额为每年每公司1万澳元,且有5日的冷却期。

与股市上市企业不同,(在ASIC处)上市创企并不必举办年度股东大会或提供众筹资金财务审计报表。此类创企并不必与上市企业遵循同样的公共信息披露义务。

 

The corporate watchdog has banned start-up companies from making multiple crowd-source funding offers to raise money to expand.

The Australian Securities and Investments Commission (ASIC) on Thursday released its draft regulatory guide on crowd-source funding (CSF), which allows start-ups to raise money by issuing shares to investors.

Eligible unlisted public companies with less than $25 million in consolidated assets and annual revenue will be able to raise up to $5 million a year under the new CSF regime, which will be implemented in late September.

But ASIC says there are a number of rules that companies, and other people involved, must comply with, including a prohibition on multiple CSF offers and restrictions on how a company advertises its CSF offers.

"Many companies using the CSF regime will likely be start-ups or early-stage companies that will not have experience in raising funds from the public," ASIC said in the report.

"There are consequences for a company it if does not comply with these rules, which may include the company committing an offence."

Start-ups wanting to raise money through equity crowdfunding will also be forced to register as public companies with ASIC.

Current rules state that start-ups raising money through crowdfunding can issue shares only to wealthy investors, with assets of at least $2.5 million.

The new CSF regime, which passed through parliament in March, means anyone will be able to invest and receive shares in a company.

There will be a cap for investors of $10,000 per company each year, and a five-day cooling off period.

Unlike public companies listed on the stock market, start-ups that go public won't have to host annual shareholder meetings or provide audited financial statements for crowdfunded capital raisings.

They also won't be subject to the same public disclosure obligations as listed companies.

The new laws will be implemented on September 29, following the release of the final regulatory guide.


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