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First Licensees Under the New Regime

Tuesday 23 January 2018

The Australian Securities and investments Commission (ASIC) has licensed the first crowd-sourced intermediaries under the new under Corporations Amendment (Crowd-Sourced Funding) Act 2017.

“ASIC has been assessing applications as a matter of priority, as suitable intermediaries needed to be licensed before fundraising under the new regime could commence. Intermediaries have an important gatekeeper role that will be key to building and maintaining investor trust in crowd-sourced fundraising, so we are pleased to have now issued the first tranche of authorisations,” ASIC Commissioner, John Price, said.

Under the new regime, seven companies have been issued with the Australian Financial Services Licence (AFSL).

According to ASIC, the CSF regime is designed to provide start-ups with new access to capital, since CSF is subject to fewer regulatory requirements than other forms of public fund-raising.