Senate Economics Legislation Committee, , 6:24:07 to 6:28:00
Inquiry into whether crowdfunding platforms provide sufficient procedural fairness when removing or restricting fundraising campaigns and the laws governing these actions.
Topics: Law reform
Speakers: Senator Fatima Payman, James Kelly, Senator Lisa Darmanin, Michael Quinlivan, Unknown Speaker
Okay, we have um questions now from Senator Payman, and I just note that um if anyone can assist with helping with picking up some time. I appreciate it.
Um please correct me if this isn't the right section to be asking around crowdfunding platforms.
Senator, I think it is the right area. Um depends exactly what the question is.
So um I'm curious to understand if the department's undertaken any examination of whether crowdfunding platforms operating in Australia provide sufficient procedural fairness when restricting or removing fundraising campaigns.
So is this in relation to um uh funding of of companies or of uh or of um,
so they're they're crowdfunding platforms that often either restrict or remove fundraising campaigns that may be running on their platform. So this is the actual platform doing the removal of campaigns.
Um I think the answer might be that we have not done work on that, but I'm just wondering whether it kind of it's it's does it get into issues around charities?
Charities. It does or ASIC? Okay. Um because I'd also like to know what commonwealth laws govern the suspension, restriction or removal of crowdfunding campaigns by platforms operating in Australia.
Um I suspect we're better off taking it on notice. Um it's as you can see, it's not something we've been giving a lot of focus to ourselves. It's possible and we um ASIC may be able to answer some of these questions, but we're happy to take it on notice.
Um I think I'm gonna, in the interest of time, just put it to ASIC then. Um, because you might end up just taking all of them on notice. But yeah, thank you. Thank you, Chair.
I appreciate that. Um I think that concludes our questions with markets group. And we'll suspend for a short moment while we invite uh representatives from fiscal group to join us in the room. Thank you. Okay, uh I the committee now welcomes officers from the Department of Treasury fiscal group.