On 6 June 2017 the Australian Institute of Company Directors (AICD) made a submission to Treasurybroadly supporting the extension of Crowd Source Equity Funding (CSEF) to proprietary companies. The AICD supports the government’s efforts to facilitate the growth of CSEF in Australia.
CSEF has the potential to contribute to the growth of innovative and creative new businesses, and drive a culture of entrepreneurialism, which will be key to Australia’s long-term economic growth. However, in its submission, the AICD recommends the government consider imposing stronger investor protections through the extension of audit requirements to all proprietary companies with CSEF shareholders. The AICD has also recommended the government conduct a three year review of the CSEF scheme and particularly the investor protection mechanisms, to ensure the scheme is operating fairly and effectively.
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