Australian Securities and Investments Commission announces the commencement date for its crowd-sourced funding regime
By Jim Bulling, Daniel Knight and Felix Charlesworth
The Australian Securities and Investments Commission (ASIC) has announced that will begin accepting applications under its new crowd sourced funding (CSF) regime from 29 September 2017 onwards. From this date, applications can be submitted via the existing ASIC ‘eLicensing’ portal.
In preparation for the commencement of the CSF regime, ASIC has released an information sheet outlining:
- the expected application process and timeframe; and
- its approach of assessing applicants.
During the period between 29 September 2017 and 27 October 2017, ASIC will assess applications lodged on similar dates in ‘batches.’ Successful applications from each batch will progress broadly at the same time. Incomplete or inadequate applications lodged during this period may be refused or placed in later application batches. Applications which are lodged from 27 October 2017 onwards will be considered individually as soon as possible.