18 Jun WHAT IS CROWD-SOURCED EQUITY FUNDING?
Assessment task 2: Research Assignment / Writing a Report Intent: “Research a specified topic, reading and interpreting cases, journal articles and
law reform/policy reports, analysing the effect and operations of these laws and
policies on companies and their stakeholders, and using knowledge to report on
corporate legal issues in Report format.” Objective(s): This task addresses the following subject learning objectives: 1 and 3
This task contributes specifically to the development of the following graduate
attributes: 1.0, 3.0 and 5.0 Weight: 30% Due: Assignment is divided into Part 1 and Part 2.
(1) Draft of Part 1 of Report to be submitted to your lecturer/tutor in your designated
class in Week 5 (week beginning 29th August 2016) for feedback purposes. Draft with
feedback will be returned in Week 6 (to be collected from Law Reception (Level 3
Building 5B)). Submission of Draft of Part 1 is voluntary. If you do not submit you
will not receive feedback.
(2) Complete Report (incorporating both Part 1 and Part 2) is due 6 pm Monday 19th
September 2015 (first Monday after the Vice-Chancellor’s week) at Law Reception
(Level 3 Building 5B). Length: 2,250 words Task: Explain/Discuss what is crowd-sourced equity funding (CSEF) and the Australian
Government’s proposed framework for CSEF to operate in Australia in the form of a
Report. This will require reading the following Consultation Paper, Discussion
Papers, Reports, and the Corporations Act 2001 in order to gain an understanding of
the issue of crowd-sourced equity funding.
Your Report is to be drafted in two Parts. Part 1 will be submitted for feedback
purposes to your lecturer/tutor in your designated class. Part 1 will be incorporated
into the final /completed Report.
Do not consider any other statute unless as specified.
Note: Feedback for Part 1 should be used to rewrite/improve Part 1, inform how you
write Part 2 and, both improved Part 1, and Part 2, must be combined into final
Report for final submission
Question
Research, read, and consider the crowd-sourced equity funding (CSEF) and the
Australian Government’s proposed framework for CSEF to operate in Australia in
the form of a Report.
In December 2015, the Minister for Small Business and Assistant Treasurer, the Hon.
Kelly O’Dwyer MP introduced the Corporations Amendment (Crowd-sourced Funding)
Bill 2015 to Parliament.
You are asked to prepare a Report with summaries concerning crowd-sourced equity
funding (CSEF) and the proposed framework for CSEF to operate in Australia. Please
consider the following as a guide to the content of your Report (word length is given
as an approximation and a guide; you can vary from the suggested word length but
remember to ensure your Report is on the whole balanced and coherent):
Report
I. Introduction (150 words) [note: you should write this last and should not be
included in Part 1 for submission as draft for feedback purposes.]
Part 1
II. What is crowd-sourced equity funding? Summarise from Corporations and Markets Advisory Committee, Crowd
sourced equity funding — Discussion Paper September 2013; Corporations and
Markets Advisory Committee, Crowd sourced equity funding — Report May
2014; Treasury, Crowd-sourced Equity Funding — Discussion Paper December
2014; Corporations Amendment (Crowd-sourced Funding) Bill 2015 – Explanatory
Memorandum (300 words).
Note: You can also consult other sources and materials.
Part 2
III. Explain/Discuss the CSEF model proposed by the Corporations and Markets
Advisory Committee (CAMAC) 2013 review of crowd-funding in Australia,
and the model adopted in New Zealand. Summarise from Corporations and Markets Advisory Committee, Crowd
sourced equity funding — Report May 2014; Treasury, Facilitating crowd-sourced
equity funding and reducing compliance costs for small businesses — Consultation
Paper August 2015; the Corporations Act 2001 (Cth) (500 words).
IV. Explain/Discuss the current Australian Government proposed framework for
CSEF in Australia (post-consultation model (ie after Treasury’s August 2015
Consultation)). Explain/Discuss in particular the following:
a) Who is eligible to make a CSF offer; conditions/requirements to be met;
restrictions on the CSF offer;
b) Who is a retail client in relation to both the crowd funding service as
well as for the purpose of the CSF offer; what investor protection for
retail clients;
c) What are the temporary concessions from certain public company
corporate governance and reporting requirements available to a new
public company that is eligible to crowd fund and has completes or
intends to complete a CSF offer within the required time; Summarise from Corporations Amendment (Crowd-sourced Funding) Bill 2015;
Corporations Amendment (Crowd-sourced Funding) Bill 2015 – Explanatory
Memorandum; Corporations Amendment (Crowd-Sourced Funding) Regulation
2015 – Exposure Draft; Corporations Amendment (Crowd-Sourced Funding)
Regulation 2015 – Explanatory Statement; the Corporations Act 2001 (Cth) (700 words).
V. Critically analyse the proposed framework for CSEF in Australia. How does it
compare with the CAMAC model? The New Zealand model? Are the
conditions/requirements for conducting a CSF offer and restrictions
sufficient? Are the investor protections adequate to protect ordinary persons
who seek to invest in the CSF offer? (500 words).
VI. Reflections on what you have learned writing your Report based on your
research and reading and critical analyses (100 words). Further information: The assignment requires independent thinking, evaluation and
critical analysis. You will be assessed on the originality of your discussion and
analysis. Merely paraphrasing or summarising existing authors on these issues will
not lead to high marks.
To achieve good marks, students will need to show evidence of their analysis and
evaluation of the problem. You must not simply provide long regurgitation of
judgments, facts or sections. These do not show evidence of your own independent
thinking at a post graduate level. Learn what is plagiarism and avoid it! Criteria: The task requires the detailed examination of a discrete area of law. This
builds research, information gathering and legal writing/reporting skills as well as
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