The Australian Securities and Investment Commission has requested public feedback to assist in the development of Australia’s crowd-funding industry.

The one-month consultation process will accept submissions from industry to support ASIC in developing relevant policy guidance documentation for emerging and existing crowd-funding companies, the Australian regulator announced.

ASIC Commissioner, John Price, was buoyant about the prospects for Australia’s emergent crowd-sourced funding (CFS) companies and what they could offer for Australian business.

“CSF has the potential to be a new source of funding for small to medium-sized businesses, including start-up and early-stage companies,” Price said.

“ASIC is keen to assist public companies and crowd-funding platform operators to understand and comply with their obligations under the new regime, which can help sustain investor confidence and support for CSF.”

The consultation request comes just a day after the government released an amendment to the Corporations Act 2001 which provides a legislative framework for crowd-sourced funding organisations.

The Amendment delivers Australia’s first dedicated regulations for intermediaries seeking to offer crowd-funding services, as well as companies seeking to raise funds via a CSF platform.

Public submissions for the policy guidance documentation will be accepted until 3 August, 2017, with the CFS regulatory guide expected to be released in September, 2017.

The one-month consultation process will accept submissions from industry to support ASIC in developing relevant policy guidance documentation for emerging and existing crowd-funding companies, the Australian regulator announced.

ASIC Commissioner, John Price, was buoyant about the prospects for Australia’s emergent crowd-sourced funding (CFS) companies and what they could offer for Australian business.

“CSF has the potential to be a new source of funding for small to medium-sized businesses, including start-up and early-stage companies,” Price said.

“ASIC is keen to assist public companies and crowd-funding platform operators to understand and comply with their obligations under the new regime, which can help sustain investor confidence and support for CSF.”

The consultation request comes just a day after the government released an amendment to the Corporations Act 2001 which provides a legislative framework for crowd-sourced funding organisations.

The Amendment provides the Australia’s first dedicated regulatory framework for intermediaries seeking to offer crowd-funding services as well as companies seeking to raise funds via a CSF platform.

Public submissions for the policy guidance documentation will be accepted until 3 August, 2017, with the CFS regulatory guide expected to be released in September, 2017.