Equity crowdfunding to be opened to retail investors as legislation passes Senate

"It may be hard to believe, but it’s true: the new equity crowdfunding regulations have officially passed the Senate, opening up equity crowdfunding to retail investors.

The changes have been years in the making, with former Minister for Small Business Kelly O’Dwyer introducing the Government’s plans to change existing legislation in 2015 following recommendations made by the Murray Financial System Inquiry earlier that year. The legislation was then shelved early last year before being re-introduced by Treasurer Scott Morrison in November.

Under the new rules, unlisted public companies with up to $25 million in annual turnover and less than $25 million in gross assets will be able to to raise up to $5 million via equity crowdfunding platforms over a 12 month period." Read more

Gina Baldassarre Startup Daily 20 Mar 2017