The Federal Government has released draft legislation and associated explanatory materials to extend Crowd-sourced Equity Funding (CSEF) to proprietary companies.
These changes are being progressed as part of the 2017-2018 Budget. CSEF allows a large number of individuals to make small financial investments in exchange for an equity stake in the company. The Government has already passed legislation that will establish a CSEF regime for public companies, commencing 29 September 2017. More information here