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Corporate Equity Fundraising (LAWS70194)
Graduate coursework level 7Points: 12.5Not available in 2023
From Semester 1, 2023 our undergraduate programs will be delivered on campus. Graduate programs will mainly be delivered on campus, with dual-delivery and online options available to a select number of subjects within some programs.
To learn more, visit 2023 Course and subject delivery.
Overview
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A corporation that wishes to raise funds in Australia, either for a specific purpose or for general business purposes, can do so either by borrowing (creation of debt) or by offering securities (creation of equity). This subject is concerned with the regulation of offering securities. The fundamental premise of the regulation is that the offering corporation should provide all relevant information (mandatory disclosure) and investors should then decide whether to invest. The subject will examine the regulatory model, the rationale for the model and aspects of the model and other mechanisms (such as the role of securities exchanges) that may impact in a practical way on the offering. Globalisation means that offerings may be subject to requirements in a number of jurisdictions and so it will be important to consider whether the similarities and differences between jurisdictions are significant. The classes will involve a mix of lecture-style presentations and problem-solving worked on in small groups.
The subject will be of interest to those who work in a corporate advisory environment or who wish to do so
Principal topics include:
- The disclosure principle
- Debt and equity as alternatives
- Different equity-raising alternatives
- Outline of the regulatory situation
- When is a disclosure document required?
- Different types of disclosure documents
- Content of disclosure documents
- Liability for defective disclosure documents
- Due diligence defence
- Other defences
- Restrictions on advertising and securities hawking
- The role of the underwriter
- The role of the Australian Securities and Investments Commission (ASIC)
- The role of the Australian Securities Exchange Ltd (ASX)
- Continuous disclosure.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an understanding of how the Australian securities markets work in relation to equity raisings
- Have an understanding of how securities offerings are regulated under the Corporations Act 2001 (Cth) and the rules of the Australian Securities Exchange Ltd (ASX)
- Have an understanding of the major regulatory mechanisms within the Corporations Act 2001 (Cth), Chapter 6D and, in addition, the administrative network that is set up in relation to securities offerings.
Last updated: 24 January 2023
Eligibility and requirements
Prerequisites
Students must meet one of the following prerequisite options:
Option 1
Admission into a Melbourne Law Masters program
AND
Students are expected to have a general understanding of the operation of the Corporations Act 2001 (Cth).
Option 2
Admission into the MC-JURISD Juris Doctor
AND
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| LAWS50035 | Corporations Law | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 24 January 2023
Assessment
| Description | Timing | Percentage |
|---|---|---|
Research paper on a topic approved by the subject coordinator
| 11 November | 100% |
| Hurdle requirement: A minimum of 75% attendance | N/A |
Last updated: 24 January 2023
Quotas apply to this subject
Dates & times
Not available in 2023
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 24 January 2023
Further information
- Texts
Prescribed texts
Specialist printed materials will be made available free of charge from the Melbourne Law School prior to the pre-teaching period.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Graduate Diploma in Legal Studies Course Juris Doctor Course Master of Commercial Law Course Master of Laws - Links to additional information
law.unimelb.edu.au
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 24 January 2023