ASIC today released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.

ASIC Commissioner John Price said, "We want to ensure innovative firms understand the regulatory framework they may be operating under and ensure they meet any obligations they may have when raising funds in Australia."

ASIC and the Australian Competition and Consumer Commission (ACCC) also jointly warned people of the potential risks of investing in ICOs.

"ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high," ASIC Commissioner John Price said. "Consumers should understand the risks involved, including the potential for these products to be scams, before investing."

Information sheet 225 provides guidance about the potential application of the Corporations Act 2001 to businesses that are considering raising funds through an initial coin offering.

ASIC's MoneySmart website has also published guidance for investors on the risks of investing in initial coin offerings.

Background

ASIC is focused on the vital role that innovative businesses are playing in re-shaping financial services and capital markets. In addition to developing guidance about how these new developments fit into our regulatory framework, in 2015, ASIC launched its Innovation Hub to help fintechs navigate the regulatory framework without compromising investor and financial consumer trust and confidence.

The Innovation Hub provides the opportunity for entrepreneurs to understand how regulation might impact on them. It is also helping ASIC to monitor and understand fintech developments.

Innovative businesses can contact the ASIC's Innovation Hub for assistance in understanding the regulatory framework.

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THE City of Melbourne celebrates the decades of service, passion and resilience of the city’s small, long term and generational businesses through the annual Lord Mayor’s Commendations.

Lord Mayor Robert Doyle AC has bestowed accolades upon 38 recipients at a ceremony overnight, recognising some of the city’s hidden gems, well-loved characters and colourful businesses.

The Lord Mayor’s Commendations recognise small business proprietors who have operated for three generations or more, or have operated for more than 10, 25, 40 or 50 years.

The Lord Mayor said small business is the lifeblood of the city and contributes to Melbourne’s unique character and identity.

“Through their creative vision and passion, our small business proprietors help make Melbourne the world’s most liveable city,” the Lord Mayor said.

“This year we’ve recognised a beloved bookstore in operation for 50 years, a showboat operator who has cruised Melbourne’s waterways for a decade and a North Melbourne automotive centre run by three generations of the same family.

“All recipients deserve recognition for their years of hard work and I am proud to award commendations to those who’ve withstood the test of time and continue to flourish.”

Among this year’s recipients is Joel Grosman, a third generation owner of Creative Wigs, Australia’s largest and longest-standing wig supplier.

“My grandfather opened Creative Wigs back in the 1950s and the business has grown to supply wigs to the general public and a whole range of industries, including the arts. We fit wigs for singers, dancers, actors, models and drag performers,” Mr Grosman said.

“A key part of our business I’m particularly proud of is our work for cancer patients. We’ve run wig fitting and educational workshops for hospitals and patients around Melbourne for many years, as well as working closely with the Look Good Feel Better program to help cancer patients throughout their journey.

“We’re honoured to be receiving a Lord Mayor’s Commendation; it’s a great recognition of my family’s hard work and our long history in Melbourne’s CBD.”

More than 13,000 small businesses call the City of Melbourne home, making up more than 80 per cent of all businesses in the area and combined, Melbourne’s small businesses employ 75,000 people.

Since its inception in 2005, more than 500 small business proprietors have received a Lord Mayor’s Commendation.

A black and white photographic exhibition of this year’s commendation recipients will be showcased at The Block Arcade on Collins Street from 28 September to 16 October, 2017.

A full list of the 2017 Lord Mayor’s Commendations recipients is available here.

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TRADITIONAL, low density and car-orientated development in Australian cities and regional centres has given rise to a range of issues which inhibit economic growth and liveability.

The Committee on Infrastructure, Transport and Cities believes the development of nation’s settlements needs to be set on a more sustainable trajectory and is inquiring into the potential for Australian Government action.

Committee Chair, John Alexander OAM MP, said the Committee will conduct roundtable discussions in Brisbane this Friday to identify a role for the Australian Government in driving sustainability, liveability and productivity gains in the nation’s cities and regional centres.

“Although our inquiry has a split focus on cities and regional centres, we cannot consider these different types of settlements as separate or in competition,” Mr Alexander said.

“The development of cities and regional centres is interdependent. We’re looking at how the Australian Government can facilitate stronger transport, economic and social links between the two.”

“Closer relationships between our cities and regional centres will support population rebalancing and improve liveability generally.”

Roundtable participant, Tweed Heads Council echoed this sentiment. The Council said, “many regions are recognised as a resource-base for metropolitan economies, and equally for their natural and cultural heritage assets that serve as a source of creativity, wellbeing and respite for city-dwellers”.

“Development programs can recognise and build on current and potential specialisation roles of regional areas, not to compete with, but to support the resourcing and value sharing of growing cities.”

Public hearing details: 9.00 am – 2.30 pm, Friday, 29 September 2017, Speaker’s Hall, lvl 4, Parliamentary Annexe, Alice Street, Brisbane

9.00 am:
Property Council Queensland
Floth Sustainable Building Consultants
Mr Warren Rowe, Planner in Residence, University of Queensland
Professor Paul Burton, Griffith University
Associate Professor Matthew Burke, Griffith University

10.50 am: 
Professor Marcus Foth, Urban Informatics, Queensland University of Technology
Dr Jaz Hee-jeong Choi, Urban Informatics, Queensland University of Technology
Smart Cities Council Australia New Zealand
Deloitte Access Economics

1.10 pm:
Tweed Heads Council 
Southern Downs Regional Council

1.50 pm:
Dr Andrew Sharam, RMIT University
Property Collectives

2.30 pm: Close

Further information on the inquiry, including the full terms of reference, is available on the Committee website.

The hearing will be broadcast live at aph.gov.au/live

Interested members of the public may wish to track the inquiry via the Committee’s website.

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QUEENSLAND'S first Chief Entrepreneur, Mark Sowerby will be the guest speaker at the Queensland Media Club next Wednesday, 4 October 2017.

Mr Sowerby will give his farewell address and talk about the talent he has seen, the places, spaces and people who are supporting entrepreneurs and the potential impact of the startup sector in Queensland.

His speech will be followed by approximately 15 minutes of question time with members of the Queensland Parliament Media Gallery.

The Queensland Media Club is the official political, business and media forum of the Queensland Parliament Media Gallery.

A catered table has been allocated for working media to attend and ask questions in media style format. Members of the Queensland Parliament Media Gallery have first right of refusal to these seats with the remainder of seats allocated on a first come first served basis. Additional seating will be available for working media to attend but will not be catered.

To register your interest in attending and for further information, please contact:

Emily Anderson
Three Plus
M: 0422 855 862 | T: 07 3167 1200
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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