Corporate Fundraising In Australia And The US - Harmonisation Achieved
Abstract
Since 1993, Australia's system of corporate law has been subject to an ongoing
program of appraisal and reform, referred to as the Corporate Law Economic
Reform Program (CLERP).l According to High Court Justice Ian Callinan, the
program is 'intended to effect a fundamental review of corporate law [in
Australia]'. Among the most significant recent reforms introduced by CLERP were
those enacted by the Corporate Law Economic Reform Program Act 1999 (Cth)
(CLERP Act) on 13 March 2000. In addition to addressing issues as diverse as
corporate governance, accounting standards, takeovers and compulsory
acquisitions, the Act specifically targeted the regulation of equity capital
fundraising by corporate entities.