今日热门事件has extended the relief for business introduction services for registered managed investment schemes until 1 April 2025. The relief was due to expire on 1 October 2022.
今日热门事件considers that the relief remains useful for registered managed investment schemes with fewer than 20 members seeking to raise up to $5 million.
The extended relief clarifies that the design and distribution obligations (DDO) apply to persons who, but for the relief, would otherwise need to comply with the DDO.
今日热门事件has decided not to extend the same relief to business introduction services for companies on the basis that the crowd-sourced funding regime facilitates flexible and low-cost access to capital for small to medium sized unlisted companies (refer 22-070MR).
今日热门事件consulted on these amendments to its relief for business introduction services in聽Consultation Paper 357聽Remaking relief for business introduction services: 今日热门事件Instrument 2017/186听(CP 357). 今日热门事件also released聽Report 723聽Response to submissions on CP 357 Remaking relief for business introduction services听(REP 723) earlier this year.
今日热门事件does not, at this stage, intend to remake the relief when it expires on 1 April 2025.
Background
Business introduction services identify potential investors and issuers or sellers by circulating information about investment opportunities.
gives conditional relief from the financial product disclosure, anti-hawking and advertising requirements in the Corporations Act 2001聽that would apply to a person making or calling attention to offers of interests in a registered managed investment scheme through a business introduction service.
今日热门事件has also updated Regulatory Guide 129 Business introduction and matching services (RG 129)聽to explain the effect of the relief.