House of Representatives
Corporations Amendment (Crowd-sourced Funding) Bill 2016
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Index
Schedule 1: Main amendments
| Bill reference | Paragraph number |
| Part 1, items 1, 2, 3, 4, 5 ,6, section 9 | 2.55 |
| Part 1, item 2, section 9 | 3.26 |
| Part 1, item 6, item 12 in the table in section 611 | 3.83 |
| Part 1, item 6, item 13 in the table in section 611 | 3.84 |
| Part 1, items 7, 8, 9 and 10, heading to Part 6D.2, section 703B, section 704, and section 706 | 2.9 |
| Part 1, items 7, 8, 9 and 10, heading to Part 6D.2, section 703B, section 704, section 706 | 4.5 |
| Part 1, items 11 and 12, heading to Part 6D.3 and section 725A | 2.10, 4.6 |
| Part 1, item 13, subparagraph 734(7)(c)(i) | 6.76 |
| Part 1, item 14, paragraphs 738H(1)(a), (b) and (c) | 2.14 |
| Part 1, item 14, paragraph 738H(1)(d) | 2.14 |
| Part 1, item 14, paragraph 738H(1)(e) | 2.14, 2.26 |
| Part 1, item 14, paragraph 738H(1)(f) | 2.14, 2.29 |
| Part 1, item 14, paragraph 738H(2)(a) | 2.21 |
| Part 1, item 14, paragraph 738H(2)(b) | 2.24 |
| Part 1, item 14, paragraph 738G(1)(c) | 2.31 |
| Part 1, item 14, paragraph 738G(1)(d) | 2.35 |
| Part 1, item 14, subsection 738G(2) | 2.36 |
| Part 1, item 14, subsections 738L(6) and 738N(1) | 2.43 |
| Part 1, item 14, paragraph 738G(2)(c) | 2.44 |
| Part 1, item 14, subsection 738G(3) | 2.46 |
| Part 1, item 14, paragraph 738G(1)(e) | 2.52 |
| Part 1, item 14, section 738B | 2.8 |
| Part 1, items 14 and 25, section 738C and paragraph 766A(1)(ea) | 3.8 |
| Part 1, item 14, section 738L | 3.9 |
| Part 1, item 14, section 738A | 2.6, 4.4 |
| Part 1, item 14, subsection 738L(5) | 3.27 |
| Part 1, item 14, section 738Q | 3.28 |
| Part 1, item 14, subsection 738Q(1) | 3.29, 3.30 |
| Part 1, item 14, subsection 738Q(2) | 3.30 |
| Part 1, item 14 and 34, subsection 738Q(3) and item 245E in the table to Schedule 3 | 3.31 |
| Part 1, item 14, subsection 738Q(4) | 3.33 |
| Part 1, item 14, subsection 738Q(5) | 3.36 |
| Part 1, item 14, paragraph 738Q(5)(a) | 3.39 |
| Part 1, item 14, paragraph 738Q(5)(b) | 3.41 |
| Part 1, item 14, paragraph 738Q(5)(c) | 3.44 |
| Part 1, item 14, subsection 738Q(6) | 3.48 |
| Part 1, item 14, paragraph 738Q(5)(d) | 3.51 |
| Part 1, item 14, subsection 738Q(7) | 3.54 |
| Part 1, item 14, subsection 738ZA(1) | 3.55, 3.58 |
| Part 1, item 14, subsections 738ZA(3) and (4) | 3.55 |
| Part 1, item 14, subsection 738ZA(5) | 3.55 |
| Part 1, item 14, subsection 738ZA(8) | 3.55, 6.21 |
| Part 1, item 14, subsection 738ZA(9) | 3.55 |
| Part 1, item 14, subsection 738ZA(2) | 3.58 |
| Part 1, item 14, subsection 738ZA(4) and paragraph 738ZB(4)(b) | 3.61 |
| Part 1, item 14, paragraphs 738ZA(3)(a) and (c) | 3.62 |
| Part 1, item 14, paragraph 738ZA(3)(b) | 3.63 |
| Part 1, item 14, subsection 738ZA(5) | 3.64 |
| Part 1, item 14, paragraphs 738ZA(5)(a) and (b) | 3.65 |
| Part 1, item 14, subsection 738ZA(6) | 3.67 |
| Part 1, item 14, subsection 738ZA(7) | 3.68 |
| Part 1, item 14, subsection 738ZA(8) | 3.70 |
| Part 1, item 14, paragraph 738ZA(9)(a) | 3.72 |
| Part 1, item 14, paragraph 738ZA(9)(b) | 3.73 |
| Part 1, item 14, subsection 738ZB(1) | 3.75 |
| Part 1, item 14, subsections 738L(8) and 738ZB(2) | 3.76 |
| Part 1, item 14, subsections 738ZB(3) and (4) | 3.77 |
| Part 1, item 14, subsection 738ZB(5) and item 34, item 245P in the table to Schedule 3 | 3.78 |
| Part 1, item 14, section 738ZJ | 3.80 |
| Part 1, item 14, section 738E | 2.7 |
| Part 1, item 14, section 738ZH | 2.10 |
| Part 1, item 14, paragraphs 738F(1)(a) and (b), subsection 738F(2) | 3.85 |
| Part 1, item 14, paragraph 738F(1)(c) | 3.86 |
| Part 1, item 14, subsection 738F(3) | 3.87 |
| Part 1, item 14, paragraph 738G(1)(a) | 2.12 |
| Part 1, item 14, subsection 738J(1) | 4.7 |
| Part 1, item 14, subsection 738J(2) | 4.8 |
| Part 1, item 14, subsection 738J(1) | 4.8 |
| Part 1, item 14, section 738K | 4.10 |
| Part 1, item 14, subsection 738L(1) | 4.12, 4.15 |
| Part 1, item 14, subsection 738L(2) | 4.17 |
| Part 1, item 14, subsection 738L(3) and item 34, item 245A in the table to Schedule 3 | 4.18 |
| Part 1, item 14, subsection 738R(1) | 4.21 |
| Part 1, item 14, subsection 738R(2) | 4.22 |
| Part 1, item 14, subsection 738M(1) | 4.25 |
| Part 1, item 14, subsection 738M(2) | 4.26 |
| Part 1, item 14, subsection 738M(3) | 4.27 |
| Part 1, items 14 and 34, subsection 738M(4) and item 245B in the table to Schedule 3 | 4.29 |
| Part 1, item 14, subsection 738N(2) | 4.32 |
| Part 1, item 14, subsections 738N(3) and (5) | 4.34 |
| Part 1, item 14, subsection 738N(3) | 4.35, 5.36 |
| Part 1, item 14, paragraph 738N(4)(a) | 4.37 |
| Part 1, item 14, subsection 738N (7) and subsection 738ZB(2) | 4.39 |
| Part 1, item 14, subsection 738ZB(3) | 4.39 |
| Part 1, item 14, subsection 738P(2) | 4.40, 4.43, 4.46 |
| Part 1, item 14, paragraph 738N(4)(b) | 4.41, 5.36 |
| Part 1, item 14, subsection 738L(7) and paragraph 738N(4)(c) | 4.44 |
| Part 1, item 14, paragraph 738ZB(4)(b) | 4.45, 6.12 |
| Part 1, item 14, section 738S) | 4.47 |
| Part 1, item 14, paragraph 738N(4)(d) and subsection 738P(1) | 4.47 |
| Part 1, items 14 and 34, paragraph 738N(4)(e), subsection 738P(1), item 245D in the table to Schedule 3 | 4.48 |
| Part 1, item 14, paragraph 738N(7)(a) | 4.51 |
| Part 1, item 14, paragraph 738N(7)(b) | 4.52 |
| Part 1, item 14, paragraph 738N(7)(c)) | 4.53 |
| Part 1, item 14, subsection 738Y(1) | 5.6 |
| Part 1, item 14, subsection 738Y(2) | 5.6 |
| Part 1, item 14, subsection 738Y(3) | 5.7 |
| Part 1, item 14, subsection 738Q(4) | 5.7, 5.12, 5.43 |
| Part 1, item 14, subsection 738U(1) | 5.8 |
| Part 1, item 14, subsection 738U(2) | 5.9 |
| Part 1, item 14, subsection 738V(1) | 5.10 |
| Part 1, item 14, subsection 738V(2) | 5.10 |
| Part 1, item 14, subsection 738V(3) | 5.10 |
| Part 1, items 14 and 34, subsection 738V(4) and item 245J in the table to Schedule 3 | 5.14 |
| Part 1, item 14, subsections 738N(6), 738X(1) and (2) | 5.15 |
| Part 1, item 14, subsection 738X(3) | 5.17 |
| Part 1, items 14 and 34, subsection 738X(4) and item 245K in the table to Schedule 3 | 5.18 |
| Part 1, item 14, subsection 738W(1) | 5.21 |
| Part 1, item 14, subsection 738W(2) | 5.23 |
| Part 1, item 14, subsections 738W(3) and (4) | 5.24 |
| Part 1, item 14, paragraph 738W(6)(a) | 5.25 |
| Part 1, item 14, subsection 738W(7) | 5.25 |
| Part 1, item 14, paragraph 738W(6)(b) | 5.27 |
| Part 1, item 14, paragraph 738W(5)(a) | 5.28 |
| Part 1, item 14, subsection 738W(8) | 5.28 |
| Part 1, item 14, paragraph 738W(5)(b) | 5.29 |
| Part 1, item 14, subsection 738W(9) | 5.29 |
| Part 1, item 14, subsections 738X(5), 738X(6) and 738X(7) | 5.31 |
| Part 1, item 14, subsection 738X(9) | 5.33 |
| Part 1, item 14, paragraph 738T(1)(a) and subsection 738ZB(4) | 5.33 |
| Part 1, item 14, paragraphs 738N(4)(a) and (b) | 5.36 |
| Part 1, item 14, subsection 738Y(4) | 5.38, 5.39 |
| Part 1, item 14, subsections 738Q(4) and 738Y(3) | 5.39 |
| Part 1, item 14, subsection 738Y(5) | 5.42 |
| Part 1, item 14, subsection 738Y(6) | 5.44 |
| Part 1, item 14, paragraph 738Z(1)(a) | 5.48 |
| Part 1, item 14, paragraph 738Z(1)(b) and subsection 738Z(2) | 5.49 |
| Part 1, item 14, subsections 738Y(3) and 738Z(2) | 5.50 |
| Part 1, item 14, subsection 738Z(3) | 5.51 |
| Part 1, item 14, subsections 738Y(3) and 738Z(5) | 5.52 |
| Part 1, item 14, subsection 738Z(4) | 5.53 |
| Part 1, item 14, subsection 738Z(6) | 5.54 |
| Part 1, item 14, section 738D | 6.9 |
| Part 1, item 14, subsection 738ZC(1) | 6.10 |
| Part 1, item 14, subsection 738ZC(2) | 6.13, 6.14 |
| Part 1, item 14, subsection 738ZC(1) and item 34, item 245Q in the table to Schedule 3 | 6.15 |
| Part 1, item 14, subsection 738ZD(1) | 6.18 |
| Part 1, item 14, subsection 738ZD(2) | 6.20 |
| Part 1, item 14, paragraph 738ZB(4)(a) | 6.22 |
| Part 1, item 14, subsections 738ZE(1) and (2) | 6.23 |
| Part 1, item 14, subsection 738ZE(3) | 6.25 |
| Part 1, item 14, subsection 738ZE(4) | 6.25 |
| Part 1, item 14, paragraph 738ZG(1)(a) | 6.30 |
| Part 1, item 14, paragraph 738ZG(1)(b) | 6.31 |
| Part 1, item 14, paragraph 738ZG(3)(c) | 6.32 |
| Part 1, item 14, paragraph 738ZG(3)(d) | 6.32 |
| Part 1, item 14, paragraph 738ZG(3)(e) | 6.32 |
| Part 1, item 14, subsection 738L(4) and paragraph 738ZG(2)(a) | 6.33 |
| Part 1, item 14, subsection 738ZG(2) | 6.34 |
| Part 1, item 14, paragraph 738ZG(2)(b) | 6.35 |
| Part 1, item 14, section 738ZG(4) | 6.37 |
| Part 1, item 14, subsection 738ZG(6) | 6.40 |
| Part 1, item 14, subsection 738ZG(7) | 6.44 |
| Part 1, item 14, subsection 738ZG(10) | 6.45 |
| Part 1, item 14, paragraph 738ZG(9)(c) | 6.47 |
| Part 1, item 14, paragraph 738ZG(9)(d) | 6.48, 6.49, 6.50 |
| Part 1, item 14, subsection 738ZG(8) | 6.52 |
| Part 1, item 14, subsections 738ZG(1) and (8) | 6.55 |
| Part 1, item 14, paragraph 738ZG(9)(a) | 6.59 |
| Part 1, item 14, paragraph 738ZG(9)(b) | 6.61 |
| Part 1, item 14, subsection 738ZG(5) and item 34, item 245T in the table to Schedule 3 | 6.64 |
| Part 1, item 14, section 738ZF | 6.70 |
| Part 1, item 14, paragraph 738G(1)(b) | 2.13 |
| Part 1, item 14, section 738ZI | 7.15 |
| Part 1, items 15, 18 and 19, paragraph 739(1)(f), subsection 739(6) and paragraph 739(6)(c) | 6.72 |
| Part 1, item 15, paragraph 739(1)(g) | 6.74 |
| Part 1, item 15, paragraph 739(1)(e) | 4.11 |
| Part 1, item 15, paragraph 739(1)(d) | 5.58 |
| Part 1, item 16, paragraph 739(1A)(a) | 4.11, 5.58 |
| Part 1, item 16, paragraph 739(1A)(a) | 6.75 |
| Part 1, item 17, paragraph 739(1A)(b) | 6.73 |
| Part 1, items 20 and 21, paragraphs 740(1)(b) and 740(2)(d) | 2.50 |
| Part 1, items 22 and 27, section 761A and subsection 766F(1) | 3.11 |
| Part 1, item 23, subsection 761G(8) | 3.19 |
| Part 1, item 23, subsection 761G(8) | 6.16 |
| Part 1, item 24, section 761GA | 3.24 |
| Part 1, item 26, subsection 766C(2A) | 3.25 |
| Part 1, item 27, subsection 766F(4) | 3.16 |
| Part 1, item 27, subsection 766F(2) | 3.12 |
| Part 1, item 27, subsections 766F(3) and (4) | 3.15 |
| Part 1, item 27, subsection 766F(3) | 3.16 |
| Part 1, items 28 and 29, subparagraphs 1018A(4)(c)(i) and 1018A(4)(d)(i) | 6.77 |
| Part 1, item 30, subparagraph 1041H(3)(a)(iia) | 5.59 |
| Part 1, item 31, subparagraph 1041K(1)(a)(iia) | 5.61 |
| Part 1, item 32, paragraph 2(1)(c) | 3.35 |
| Part 1, item 33, paragraph 1311(1A)(dba) | 2.56 |
| Part 1, item 34, item 245M in the table to Schedule 3 | 5.40 |
| Part 1, item 34, item 245B in the table to Schedule 3 | 5.26 |
| Part 1, item 34, item 245S in the table to Schedule 3 | 6.71 |
| Part 1, item 34, item 245L in the table to Schedule 3 | 5.31 |
| Part 1, item 34, item 245G in the table to Schedule 3) | 3.54 |
| Part 1, item 34, item 245F in the table to Schedule 3 | 3.53 |
| Part 1, item 34, item 245N in the table to Schedule 3 | 3.56, 3.67 |
| Part 1, item 34, item 245C in the table to Schedule 3 | 4.36 |
| Part 1, item 34, item 245H in the table to Schedule 3 | 4.23 |
| Part 1, item 34, item 245R in the table to Schedule 3 | 6.26 |
| Part 2, items 35 and 36, subsection 5(1) and subsections 12BAB(1C) and 12BAB(1D) of the ASIC Act | 3.81 |
| Part 2, item 37, subparagraphs 12DA(1A)(a)(iii) and 12DB(2)(a)(iii) of the ASIC Act | 5.60 |
Schedule 2: Related amendments to corporate governance requirements
| Bill reference | Paragraph number |
| Item 1, paragraph 117(2)(mc) | 7.10 |
| Item 2, paragraph 163(2)(d) | 7.11 |
| Item 3,subsection 250N(5) | 7.21 |
| Item 3, subsection 250N(6) | 7.22 |
| Items 4 and 5, subsections 298(1AA) and 298(1AC) | 7.40 |
| Item 6, subsection 301(5) | 7.24 |
| Items 7 and 8, subsections 314(1) and 314(1AF) | 7.38 |
| Item 9, subsection 314(2A) | 7.39 |
| Items 10-16, notes under subsection 324CA(1A), subsection 324CB(1A), subsection 324CC(1A), subsection 324CE(1A), subsection 324CF(1A), subsection 342CG(1A) and subsection 324CG(5A) | 7.41 |
| Item 17,at the end of subsection 327A(1A)) | 7.26 |
| Item 18, section 328D and Schedule 2, item 19, item 116MD in Schedule 3 | 7.31 |
| Item 18, section 328E | 7.34 |
| Item 18, section 328C(1) | 7.28 |
| Item 18, section 328C(2) | 7.29 |
| Item 18, section 328C(3) and Schedule 2, item 19, item 116MC in Schedule 3 | 7.30 |
Schedule 3: Exemption powers
| Bill reference | Paragraph number |
| Item 1, section 791C | 8.19 |
| Item 1, subsection 791C(1) | 8.20 |
| Item 1, subsection 791C(4) | 8.21 |
| Item 1, subsection 791C(5) | 8.22 |
| Item 1, subsections 791C(2) and (3) | 8.23 |
| Item 2 | 8.25 |
| Bill reference | Paragraph number |
| Item 3, section 798M | 8.26 |
| Item 4, section 820C | 8.30 |
| Item 4, subsection 820C(1) | 8.32 |
| Item 4, subsections 820C(2) and (3) | 8.33 |
| Item 5 | 8.35 |
| Item 6, section 893B | 8.36 |