Division
Katy Gallagher In my speech in the second reading debate I flagged a number of questions and indicated that I would be moving two amendments. I seek leave to move the amendments on page 8047 together. Leave granted. I move: (1) Schedule 1, item 14, page 10 (line 17), omit paragraph 738H(1) (a), substitute: (a) the company has an agreement with a CSF intermediary that is legally enforceable; (2) Schedule 1, item 14, page 32 (line 27), omit "48 hours", substitute "5 business days". I would also like to flag that I want the questions put separately when the time is appropriate. I will not delay the Senate further with the amendments I am moving. Amendment (1) on page 8047 would allow privately held companies access to this important capital market. I indicated in my speech that we are moving this amendment so small businesses and start-ups are not denied access to this important new capital-raising facility due to the onerous reporting burdens and regulations of becoming a public company. Amendment (2) simply increases the investor cooling off rights from two days to five days. I hope that I can get support from the Senate for both of these important amendments. Mathias Cormann The government will not be supporting these amendments today, although, in relation to the first issue that Senator Gallagher has raised, the government is entirely sympathetic to her position and what I believe Senator Whish-Wilson as well has been putting on the table. The issue is that extending crowdfunding to proprietary companies is not simple and would require significant changes to the law. It would represent a fundamental change to the traditional concept of a proprietary company. The opposition's amendment would be inconsistent with the current law, which prohibits a proprietary company from engaging in any public fundraising that would require disclosure to investors. Extending the crowdsourced funding regime to proprietary companies is a priority for the government. The government ex
Senate, 2017-03-20. negative: ayes 25, noes 35.
Question
Katy Gallagher In my speech in the second reading debate I flagged a number of questions and indicated that I would be moving two amendments. I seek leave to move the amendments on page 8047 together. Leave granted. I move: (1) Schedule 1, item 14, page 10 (line 17), omit paragraph 738H(1) (a), substitute: (a) the company has an agreement with a CSF intermediary that is legally enforceable; (2) Schedule 1, item 14, page 32 (line 27), omit "48 hours", substitute "5 business days". I would also like to flag that I want the questions put separately when the time is appropriate. I will not delay the Senate further with the amendments I am moving. Amendment (1) on page 8047 would allow privately held companies access to this important capital market. I indicated in my speech that we are moving this amendment so small businesses and start-ups are not denied access to this important new capital-raising facility due to the onerous reporting burdens and regulations of becoming a public company. Amendment (2) simply increases the investor cooling off rights from two days to five days. I hope that I can get support from the Senate for both of these important amendments. Mathias Cormann The government will not be supporting these amendments today, although, in relation to the first issue that Senator Gallagher has raised, the government is entirely sympathetic to her position and what I believe Senator Whish-Wilson as well has been putting on the table. The issue is that extending crowdfunding to proprietary companies is not simple and would require significant changes to the law. It would represent a fundamental change to the traditional concept of a proprietary company. The opposition's amendment would be inconsistent with the current law, which prohibits a proprietary company from engaging in any public fundraising that would require disclosure to investors. Extending the crowdsourced funding regime to proprietary companies is a priority for the government. The government ex
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