CAMAC's Report provides the regulatory blueprint for CrowdSourced Equity Funding in Australia.

It proposes the establishment of a new corporate entity: the exempt public company. As the name suggests, it is a public company but reduces the up front and ongoing disclosure requirements of public companies. CAMAC also proposes a template disclosure document for issuing shares. 

There are three parts to the facilitation of crowd sourced equity funding in Australia: the Investors; the Issuer (the entrepreneur's exempt public company) and the Intermediary (crowdfunding platform provider). The main recommendations are as follows:


  • no more than $2,500 in any crowdfunded venture; and
  • no more than $10,000 in all crowdfunded ventures in any 12 month period

And then there are the risk disclosures, AML / CTF checks and general investment provisions.


  • become an exempt public company (reduced compliance requirements as opposed to public companies) or public company;
  • offer new shares in the company – recommended to be only one class of shares (namely, ordinary shares);
  • do not exceed the issuer cap of $2 million in any twelve month period;
  • comply with disclosure requirements. This is quite extensive and will be difficult for most Issuers to conduct independently;
  • adhere to controls on advertising (basically, ensuring no misleading or deceptive statements are made and referring potential investors to the intermediary platform); 
  • do not lend to crowd investors to acquire its shares; and 
  • notify any material adverse change concerning the issuer. 


  • should be appropriately licensed (AFSL) and comply with the various obligations attached to that licence;
  • conduct limited due diligence checks on Issuers; 
  • provide a generic risk disclosure statement to crowd investors (recommendation that this be a standard template disclosure across intermediaries);
  • check compliance with investor caps in some instances; 
  • provide communication facilities between issuers and investors; 
  • have, and disclose information about, dispute resolution procedures and indemnity insurance; and
  • disclose the fees they charge.