This paper is a submission made in response to the discussion paper released by Treasury in December 2014 about the regulatory future of Crowd-Sourced Equity Funding ('CSEF') in Australia , The discussion paper seeks stakeholder feedback on characteristics of potential CSEF models, including a model put forward by the Corporations and Markets Advisory Committee ('CAMAC') in a report released in June 2014, as well as a model similar to that recently implemented in New Zealand. These are benchmarked against the status quo.
The discussion paper highlights the tension between government intervention through regulation and free market theory which dictates that the best efficiencies are created in a competitive market structure.
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