On 12 September, the Senate passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Cth), with amendments.

This Bill will extend the crowd-sourced funding regime to proprietary companies.  Under this legislation, proprietary companies with less than $25 million in assets and turnover will be able to raise up to $5 million in any 12-month period through crowd-funding platforms.

See our article on this development and our article on what it means for proprietary companies.