ASIC has announced that it will soon start processing applications for online intermediaries under its crowd-sourced funding (CSF) regime.
In our last update, we summarised the Corporations Amendments (Crowd-sourced Funding) Act 2017 (Cth) which commences on 29 September and introduces a new CSF regime for eligible companies. The new regime permits eligible companies to engage a single online intermediary to make CSF offers on the behalf of the company.
ASIC will begin accepting applications from intermediaries on 29 September 2017.
ASIC has released an information sheet which outlines the application process.
How to apply?
An intermediary can submit an application via the existing ASIC online ‘eLicensing’ portal.
What information is required for the application?
ASIC will require the following documentation in the application:
- standard documentation (see Regulatory Guides 1, 2 and 3)
- answers to the C11 questions
- information set out in C11 proof
- B5 Adequacy of resources (additional non-core proof documents) — Information Technology Capacity Statement.
Are there any materials to assist in the application process?
When preparing the application, applicants should consider the following ASIC guidance documents:
- Consultation Paper 289 and accompanying draft regulatory guide
- Any upcoming ASIC announcements on the outcomes of CP 289 and the CSF application process.
How will ASIC process applications?
ASIC will process applications in batches when:
- the applications are lodged between 29 September 2017 – 27 October 2017
- ASIC considers that the applications have prospects of succeeding.
The earlier the applications are received, the earlier they will be processed. We recommend that intermediaries get their applications in as early as possible (from 29 September 2017 onwards).
ASIC has warned that applications lodged later in the time frame, and applications that are incomplete, may be refused for lodgment or processed at a later date.
The processing time will be around 60 days.
ASIC has provided the following email address for any queries from Intermediaries in respect of the application process: email@example.com
|Jessica Leppert | Lawyer
T +61 3 9258 3607
|Claire Thurstans | Graduate Lawyer
T +61 3 9258 3375