Corporate Fundraising In Australia And The US - Harmonisation Achieved

Christopher J. Peters, University of Baltimore School of Law


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.