Law & Business Seminar: Crowdfunding Securities: An International Perspective

15 March 2017


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Crowdfunding Securities: An International Perspective

Speaker: Associate Professor Andrew Schwartz, University of Colorado

Recent legal reforms have authorised the "crowdfunding" of securities, which is where a company offers stock, bonds or other securities over the Internet, without having to comply with the usual (and costly) registration and disclosure requirements imposed by securities regulation.

The concept originated in the United States, where it was enacted into law in 2012, but it took the U.S. Securities and Exchange Commission (SEC) until 2016 to finalise the relevant regulations. During the delay, New Zealand overtook the United States by quickly authorising the world's first formal securities crowdfunding market, which went live in 2014, and millions of dollars have since been raised by Kiwi companies.

New Zealand also broke with the United States by enacting an exceptionally liberal (meaning laissez-faire) form of securities crowdfunding. In the United States, the relevant legislation eliminated some regulatory burdens, but did not abandon the core concept of mandatory disclosure. New Zealand, by contrast, completely exempts crowdfunding companies from the usual disclosure rules. The United States also imposes a paternalistic annual cap on each investor, allowing them to invest only about $5,000 in all crowdfunding companies each year. New Zealand has no such investor cap.

Australia—like many other countries—is now in the process of drafting their own securities crowdfunding laws, and is sensibly looking to the United States and New Zealand as potential models to follow. This seminar will discuss ongoing research that compares and contrasts the two systems.

About the speaker
Andrew Schwartz is an Associate Professor of Law at the University of Colorado and, in 2017, will serve as a visiting professor and a Fulbright Scholar at the University of Auckland. He teaches and publishes on corporate, securities and contract law, and has become an internationally recognised expert on securities crowdfunding.

Professor Schwartz's articles have been published in the UCLA Law Review, Minnesota Law Review and other leading journals. He has won numerous national awards for his scholarship, including the AALS Scholarly Paper Competition and the Federalist Society Young Legal Scholars Paper Competition.

Philippa Stone, Partner, Herbert Smith Freehills

Registration (GST inclusive)
Full Fee: $77
Sydney Law School Alumni: $66
Sydney Law School Full Time Student: $44
Group 3+: $55

CPD Points: 1


Time: 5.30pm -6.45pm (light refreshments from 5pm)

Location: ASIC, level 5, 100 Market Street, Sydney

Cost: See above

Contact: Professional Learning & Community Engagement

Phone: 02 9351 0429

Email: 225927461d3531191b016b0528110432171d5611325d4e17