The changing landscape of corporate fundraising
Access status:
Open Access
Type
ArticleAuthor/s
Harris, JasonAbstract
Corporate fundraising for both debt and equity securities is regulated under Ch 6D of the Corporations Act 2001 (Cth). That chapter imposes a detailed regime of rules for issuing securities to the public that centre on issuing a prospectus (or other "disclosure document" as prescribed ...
See moreCorporate fundraising for both debt and equity securities is regulated under Ch 6D of the Corporations Act 2001 (Cth). That chapter imposes a detailed regime of rules for issuing securities to the public that centre on issuing a prospectus (or other "disclosure document" as prescribed by Ch 6D), along with a variety of both general and specific exceptions. Each year, companies raise large amounts of capital under these provisions. For example, even if we only look at companies in the ASX-listed category, in calendar year 2018 over A$46 billion was raised in initial public offerings (IPOs) and over A$57 billion was raised in secondary issues on the ASX. The marketplace for corporate funding is changing though, with new forms of crowdfunding and crypto funding becoming more popular. In recent years, there have been several major changes to corporate fundraising laws, which will be discussed in this note.
See less
See moreCorporate fundraising for both debt and equity securities is regulated under Ch 6D of the Corporations Act 2001 (Cth). That chapter imposes a detailed regime of rules for issuing securities to the public that centre on issuing a prospectus (or other "disclosure document" as prescribed by Ch 6D), along with a variety of both general and specific exceptions. Each year, companies raise large amounts of capital under these provisions. For example, even if we only look at companies in the ASX-listed category, in calendar year 2018 over A$46 billion was raised in initial public offerings (IPOs) and over A$57 billion was raised in secondary issues on the ASX. The marketplace for corporate funding is changing though, with new forms of crowdfunding and crypto funding becoming more popular. In recent years, there have been several major changes to corporate fundraising laws, which will be discussed in this note.
See less
Date
2019Source title
Australian Law JournalVolume
93Publisher
Thomson ReutersLicence
Copyright All Rights ReservedRights statement
This article was published by Thomson Reuters and should be cited as: Harris, J. (2019). The changing landscape of corporate fundraising. Australian Law Journal, 93(6), 454–458. For all subscription inquiries please phone, from Australia: 1300 304 195, from Overseas: +61 2 8587 7980 or online at legal.thomsonreuters.com.au/search. The official PDF version of this article can also be purchased separately from Thomson Reuters at http://sites.thomsonreuters.com.au/journals/subscribe-or-purchase. This publication is copyright. Other than for the purposes of and subject to the conditions prescribed under the Copyright Act 1968 (Cth), no part of it may in any form or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced, stored in a retrieval system or transmitted without prior written permission. Enquiries should be addressed to Thomson Reuters (Professional) Australia Limited. PO Box 3502, Rozelle NSW 2039. legal.thomsonreuters.com.auFaculty/School
The University of Sydney Law SchoolShare