Corporations Regulations 2001

CHAPTER 6D - FUNDRAISING  

PART 6D.3A - CROWD-SOURCED FUNDING  

REGULATION 6D.3A.09   GATEKEEPER OBLIGATION OF CSF INTERMEDIARY - REASONABLE STANDARD OF CHECKS  

6D.3A.09(1)    
For the purposes of subsection 738Q(2) of the Act, this regulation prescribes what constitutes a reasonable standard in relation to all the checks referred to in regulation 6D.3A.08 .

6D.3A.09(2)    
To the extent that information to be checked is of a kind that is included in a register kept by ASIC under the Act, or on ASIC ' s website, a reasonable standard is to check:

(a) whether the information is included in that register or on that website; and

(b) if the information is so included - whether the information is contrary to any other information that the CSF intermediary has; and

(c) if the information is the name and address of a person referred to in paragraph 6D.3A.04(1)(d) - whether the name and address is consistent with the name and address used by that person on an original, a certified copy or an authenticated electronic copy of:

(i) a primary photographic identification document; or

(ii) both a primary non photographic identification document and a secondary identification document.

6D.3A.09(3)    
Subject to subregulation (4), for all other kinds of information or matters to be checked, a reasonable standard is to:

(a) explain in writing to the offering company what information or matters are required, including the level of detail required for such information and matters; and

(b) require the offering company to provide such information and matters to the CSF intermediary in accordance with a reasonable process that the CSF intermediary has developed, documented and implemented for this purpose.

6D.3A.09(4)    
A reasonable standard for checking whether the offer document (see subregulation 6D.3A.08(1) ) satisfies the requirements in section 738K of the Act is to check the offer document in accordance with a reasonable process that the CSF intermediary has developed, documented and implemented for this purpose.

6D.3A.09(5)    

In this regulation:

certified copy
has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) .

primary non photographic identification document
has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No 1) .

primary photographic identification document
has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No 1) .

secondary identification document
has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No 1) .