Corporations Amendment (Crowd-sourced Funding) Act 2017 (17 of 2017)
Schedule 1 Main amendments
Part 1 Amendment of the Corporations Act 2001
Corporations Act 2001
27 At the end of Division 4 of Part 7.1
766F Meaning of provides a crowd-funding service
Meaning of provides a crowd-funding service
(1) A person provides a crowd-funding service if:
(a) a CSF offer document for a CSF offer of securities of a company is published on a platform operated by the person; and
(b) applications may be made to the person for the issue, by the company, of securities pursuant to the offer.
Note: CSF offers are dealt with in Part 6D.3A (Crowd-sourced funding).
(2) The financial service constituted by providing a crowd-funding service is taken to include (in addition to the matters mentioned in subsection (1)), performing all other aspects of the role of a CSF intermediary under Part 6D.3A.
To whom, and when, a crowd-funding service is provided
(3) A person who uses the application facility for the CSF offer to make an application pursuant to the offer is a person to whom the crowd-funding service is provided. The time at which the crowd-funding service is provided to the person is the time when the person first uses the application facility to make an application pursuant to the offer.
Note: For the meaning of application facility , see subsection 738ZA(3).
(4) The company making the CSF offer is a person to whom the crowd-funding service is provided. The time at which the crowd-funding service is provided to the company is the time when the company enters into the hosting arrangement for the offer.
Note: For the meaning of hosting arrangement , see subsection 738L(2).