Thursday 23 March 2017

Equity crowd funding finally past the post - but is it a dodo?

It is good to see that the equity crowd funding laws have finally been cleared for Australia, with the Senate having passed the Bill on Monday. This was following finalisation of the debate on proposed cooling off rights for retail investors (which was ultimately extended from 48 hours to five days). The laws allow unlisted public companies with less than $25 million in assets and turnover to raise up to $5 million in funds in this way.

As per our earlier blogs, a key potential chink in the armour of the new laws is its limited application to public companies and not proprietary (private) companies, which represent 99% of small businesses.

This has been recognised by various stakeholders, including Labor, with Opposition digital economy spokesman Ed Husic suggesting that amendments will be required in the near term and suggesting that “any future changes will make today's new dodo of a system extinct within the year, as smaller business opt for a better alternative.

Friday 17 March 2017

A $1.5 million price tag for unlawfully exploiting Aboriginal intangible heritage

Nine out of 10 Australians agree that Aboriginal art is an important part of Australian culture.1 This recognition, however, is not always reflected in laws that would ordinarily be expected to protect Australian cultural heritage. The significant value of Aboriginal art and tradition, both financially and culturally, makes it a target for exploitation within the Australian and overseas markets, and not always lawfully.

While works by individual artists are generally protected by copyright, there are limited statutory rights for the broader protection of what is characterised as ‘intangible’ cultural heritage.  Whilst this remains the position in every Australian jurisdiction, the State of Victoria has now broken ranks.