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Introduction to crowd-sourced funding
Key crowd-sourced funding terms and phrases to know
Key crowd-sourced funding terms and phrases to know
Updated over a week ago

Set out below are key terms for CSF

accounting standards

standards issued by the Australian Accounting Standards Board under s334 of the Corporations Act.
The relevant accounting standards for companies using the CSF regime are typically AASB1039 (Concise financial reports) or AASB1060 (General purpose financial statements), depending on the nature of the company.


Australian Business Number
You can search for a company's ABN here:


AFS licence

an Australian financial services licence under s913B of the Corporations Act that authorises a person who carries on a financial services business to provide financial services


Australian Securities and Investments Commission
ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors.

cooling-off period

the period ending 5 business days after an investment application is made under the CSF offer, during which a retail investor has the right to withdraw their application and be repaid their application money
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communication facility

a facility provided by a CSF intermediary in relation to a CSF offer that can be used by investors, the company making the offer and the CSF intermediary to communicate about the CSF offer
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Corporations Act

Corporations Act 2001 (Cth), including any regulations made for the purposes of that Act

Corporations Regulations

Corporations Regulations 2001 (Cth)

crowd-funding service

A person provides a crowd-funding service if: (a) a CSF offer document for a CSF offer of securities of a company is published on a platform operated by the person; and (b) Applications may be made to the person for the issue, by the company, of securities pursuant to the offer.

crowd-sourced funding

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Crowd-sourced funding
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CSF intermediary

An AFS licensee whose licence expressly authorises the licensee to provide a crowd-funding service. Birchal is a CSF intermediary.
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CSF offer or offer

An offer of ordinary shares that is made under the CSF regime
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CSF offer document

A disclosure document setting out the terms of a CSF offer that complies with s738J of the Corporations Act
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CSF regime

The statutory regime for crowd-sourced funding in Pt 6D.3A of the Corporations Act regulating CSF offers
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CSF shareholder

A person (individual or entity) that holds one or more shares as a result of being issued with the shares under a CSF offer

expression or interest or EOI

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eligible CSF company

a company that meets the requirements in s738H of the Corporations Act to be eligible to make a CSF offer.
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Early stage innovation company
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general risk warning

a prescribed statement about the risks associated with investing in CSF offers
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maximum subscription

the amount specified in a CSF offer document as the maximum amount sought to be raised by the CSF offer

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minimum subscription

the amount specified in a CSF offer document as the minimum amount sought to be raised by the CSF offer
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a website or other electronic facility provided by the CSF intermediary to host a CSF offer
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retail client

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an ASIC regulatory guide numbered 261 entitled 'Crowd-sourced funding: guide for companies'


an ASIC regulatory guide numbered 262 entitled 'Crowd-sourced funding: guide for intermediaries'

wholesale client

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