Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 766F

Meaning of provides a crowd-funding service

Meaning of provides a crowd-funding service

             (1)  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.

Note:          CSF offers are dealt with in Part 6D.3A (Crowd-sourced funding).

             (2)  The financial service constituted by providing a crowd-funding service is taken to include (in addition to the matters mentioned in subsection (1)), performing all other aspects of the role of a CSF intermediary under Part 6D.3A.

To whom, and when, a crowd-funding service is provided

             (3)  A person who uses the application facility for the CSF offer to make an application pursuant to the offer is a person to whom the crowd-funding service is provided. The time at which the crowd-funding service is provided to the person is the time when the person first uses the application facility to make an application pursuant to the offer.

Note:          For the meaning of application facility , see subsection 738ZA(3).

             (4)  The company making the CSF offer is a person to whom the crowd-funding service is provided. The time at which the crowd-funding service is provided to the company is the time when the company enters into the hosting arrangement for the offer.

Note:          For the meaning of hosting arrangement , see subsection 738L(2).



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