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As stated in ASIC Regulatory Guide (RG) 261 and s738H of the Corporations Act 2001, “not...

As stated in ASIC Regulatory Guide (RG) 261 and s738H of the Corporations Act 2001, “not being listed on a financial market in Australia or overseas (including its related parties)” is among the requirements for company eligibility to make a Crowd-sourced funding (CSF) offer.

  • Ms Apple holds 15% of X Pty Ltd., 100% of Y Ltd., and 15% of Z Pty Ltd.
  • Square Co Ltd holds 43% of X Pty Ltd., the rest (%42) of the company shares is held by Mr Apple., the husband of Ms Apple.
  • Finally, Circle Co Ltd. holds 85% of Z Pty Ltd.

Question 1

When assessing the CSF eligibility of Y Ltd, are Circle Co Ltd. or Square Co Ltd. related body corporates of Y Ltd.? Please state your reasons.

Question 2

When assessing the CSF eligibility of Y Ltd in making Crowd-sourced funding (CSF) offers, would it be accurate to say Ms and Mr Apple are related parties under RG 261? Please state your reasons.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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