A CSF intermediary plays a significant role under the CSF regime by operating the platform through which a company offers shares in the company and investors invest money in exchange for shares.
A CSF intermediary must hold an Australian financial services licence authorising it to provide a crowd-funding service. The role and obligations of a CSF intermediary under the CSF regime are prescribed by law, including specific obligations that apply in recognition of our important role as a ‘gatekeeper’ for our platform. We are regulated by ASIC.
As the CSF intermediary, our role includes:
operating an online platform through which a company offers shares and investors invest money in exchange for shares
ensuring a company is eligible to make an offer under the CSF regime
publishing a CSF offer document prepared by the company that meets certain minimum content requirements and is presented in a 'clear, concise and effective' manner
holding investor money
passing investor money to the company when the offer is complete
performing checks on the issuing company and its directors and senior managers
implementing certain investor protections
managing some of the risks identified by International Organisation of Securities Commissions in relation to crowd-sourced funding to help ensure that investors and offering companies can be confident in using the CSF regime
Also see ASIC's regulatory guides RG261 Crowd-sourced funding: Guide for Companies and RG262 Crowd-sourced funding: Guide for Intermediaries.
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