上周，科银资本公众号发布的《澳大利亚证券型通证发行（STO）指南》一文在STO相关社群内广泛传播，澳大利亚是否可以进行合规STO募资？应该如何操作？澳大利亚当地有什么特殊要求？这些问题都亟需解答。
Leeks大学第四期便邀请到了澳大利亚澳大利亚 Hatchstone Legal首席律师Louisa Wen女士来为我们分享：澳大利亚STO实操指南。
嘉宾
Louisa Wen
澳大利亚 Hatchstone Legal首席律师
澳新银行金融业务法律顾问
超过9年的法律和商业经验，曾就职为Allens Linklaters律师事务所的公司和商业律师，擅长金融服务法、电子支付代码、国家信用法、隐私法和公司法等。
翻译嘉宾
Laura Geng
科银资本人力资源总监、客户经理
主持人
王小圆
韭菜之家联合创始人
区块链项目要发车联合创始人
今夜酒店特价联合创始人
PART 1 主题访谈
Q1
王小圆：
What is the difference between a security token and theutility token and a currency in Australia?
证券型代币，实用型通证和货币之间有什么区别？
Louisa Wen：
Currency isgenerally used for the payment for goods and services and it's not necessarilyassociated with only being able to be used on a particular platform. A utility token isgenerally a token which is used to access a company's platform for a specificpurpose (e.g. a data platform or any other platform that you might have outthere which is specific to that utility token). A security token is generally an interest in a company,likes shares in a company, or an interest in a managed investment scheme, buttokenized and on the blockchain.
Laura Geng：
货币通常用于货物和服务的支付，并不一定是仅仅能够在某个特定平台上使用。实用型通证通常是用于访问公司平台以实现某些特定目的，例如访问数据平台，或者访问一些可以使用指定实用型通证的其他平台。证券型代币一般是公司的权益，比如公司股票或者管理投资计划的权益，但是这种权益被代币化了，并且会被记录在区块链上。
Q2
王小圆：
What is the difference between a security token offeringsthat is a share and a managed investment scheme?
作为股票被推出的证券型代币发行，与作为管理投资计划被推出的证券型代币发行有什么区别？
Louisa Wen：
A security token that is a digitised share is basicallyshares issued by a company and represented on blockchain. A managed investmentscheme is almost anything else that is a kind of like an investment wherepeople pool their money that isnot a share in a body under Australian law.
It is generally a fund where investors’ money is pooled andthat money is invested or used in some way to provide a return to investors.Investors would hold digitised units or interests in the managed investmentscheme. Many previous ICOshave fallen within the definition of a managed investment scheme underAustralian law.
Laura Geng：
以数字化股票形式被推出的证券型代币大致就是由公司发行的、记录在区块链上的股票。而管理投资计划则几乎是另一种东西，它是一种把投资者的资金汇集在一起的投资方式。根据澳大利亚法律，这种管理投资计划并不是任何主体的股票。
一般来说，管理投资计划通常是一种基金，把投资者的资金汇集在一起，并且进行某些投资，用来给投资者一定的回报。投资者将持有管理投资计划中的数字化单位或者权益。根据澳大利亚的法律，许多以前的ICO活动都属于管理投资计划的范畴。
Q3
王小圆：
To do a security token offer, will you need an AustralianFinancial Services Licence?
如果想要进行证券化通证发行，需要澳大利亚金融服务许可证吗？
Louisa Wen：
If the security you are offering is interests or units in amanaged investment scheme, then you as the issuer would have to hold an Australian FinancialServices licence which authorises you to be able to actually operatethat scheme.
You would need to register the scheme with ASIC, yourcompany would need tolodge a constitution and compliance plan that complies with variousrequirements in the Corporations Act in order to offer interests in thatmanaged investment scheme.
You would also need to prepare the “product disclosure statement” whichis similar to the concept for prospectus but it's quite specific for financialproducts that are not shares in a body as set out under the Corporations Act.
The other thing tobear in mind is that anyone who markets that managed investment scheme alsoneeds to have an Australian Financial Services licence which authorises it tomarket managed investment schemes.
On the other hand, if you issue token shares from a company,you would not need a licence. However, anyone who markets and promotes theshares would need a licence that allows them to do that.
Laura Geng：
如果您提供的证券是管理投资计划中的权益或单位，那么您作为发行人必须持有澳大利亚金融服务许可证，用来获得您对管理投资计划进行实际操作的授权。
您需要向澳大利亚证券与投资委员会注册该计划，同时您的公司还需要提交符合“公司法”中各种要求的章程与合规计划，以便为您的管理投资计划提供权益。
您还需要准备“产品披露声明”，这个声明与招股说明书的概念类似，但它特别适用于“公司法”规定下的的非公司股份的其他金融产品。
此外，任何对该管理投资计划进行市场宣传的人都需要获得澳大利亚金融服务许可证，该许可证将授权他们推广管理投资计划。
另一方面，如果由您公司主体发行代币股票，则不需要许可证。但是，任何营销和推广该股票的人都需要一个允许他们这样做的许可证。
Q4
王小圆：
Where can security tokens be traded?
证券型代币可以在哪里进行交易？
Louisa Wen：
Currently, in Australia, whether the security token is aninterest in a managed investment scheme or a share token, your token cannot belisted on an ordinary crypto exchange, it needs to be on a licensed Market Operator exchangesimilar to that of the Australian Securities Exchange (ASX) or if themarket operator wanted to be the counterparty to the trades, ie. that buys andsells, they could operateunder an Australian Financial Services licence that authorises them tomake-a-market in those securities or managed investment schemes. This isbecause the token is a "financial product".
Laura Geng：
目前在澳大利亚，无论证券型代币是管理投资计划的权益还是股票代币，都不能在普通的加密货币交易所上市，而是需要在与澳大利亚证券交易所（ ASX）类似的被许可的市场运营商交易所上市。
或者如果市场经营者希望成为交易的参与者，比如买卖代币，他们可以在澳大利亚金融服务许可证规定的范围内进行运营，该许可证授权他们将这些证券或管理投资计划市场化。这是因为token是“金融产品”。
Q5
王小圆：
If there’s a security token exchange in Malta, Singaporeor elsewhere, can investors from elsewhere participate?
如果代币在马耳他，新加坡或其他地方的交易所交易，来自其他地方的投资者可以参与吗？
Louisa Wen：
If a security token is listed on a Malta or Singaporeexchange or elsewhere, the general answer is yes, subject to the laws of thatparticular jurisdiction not having any restrictions on people coming into thatspace. Malta is trying to be the hub for the rest of the world to invest insecurity tokens that are offered through Malta, so it may not have such restrictions.
Laura Geng：
如果交易所在马耳他或新加坡或其他地方，一般来说都是可以的，这是由特定司法管辖区的法律是否对进入管辖区的人员有限制来决定的。马耳他正在努力成为世界其他国家投资证券型代币中心，因此它可能没有这样的限制。
Q6
王小圆：
In Australia, do you have to do AML and KYC for securitytoken offerings?
在澳大利亚，您是否需要为STO提供AML和KYC？
Louisa Wen：
If you are issuing shares in a company, then no, you do notactually need to do KYC on your shareholders under Australian law but you doneed to identify who your investors are because you need to keep a register ofinvestors so you need their name and address, but it's not the full AML/CTF,KYC process.
If you are issuing interests in a managed investment scheme,you will be issuing it under an Australian Financial Services licence and so you will need to do KYC on allof your investors.
Laura Geng：
如果您所在公司发行了股票，那么您并不需要根据澳大利亚法律对您的股东进行KYC，但您需要确定您的投资者是谁，因为您需要保留投资者登记册，因此您需要他们的名字和地址，但它不是一个完整的AML /CTF(反洗钱／反恐)、KYC过程。
如果您在管理投资计划中发行权益，您需要持有并根据澳大利亚金融服务许可证的规则发行，因此您需要对所有投资者进行KYC。
Q7
王小圆：
When can you issue security tokens without disclosuredocuments?
什么时候可以在没有披露文件的情况下发行证券型代币？
Louisa Wen：
Basically, if you limit your offer to sophisticated and wholesale investors,you can make the offer without a disclosure document. Also, you can makepersonal offers to peoplewho are retail investors and can receive up to 20 of the retail investors inany twelve month period, provided you don't raise more than two million dollarsfrom them.
There's a similar exception with managed investment schemesbut you would still need an Australian Financial Services licence even thoughyou don't need to register the MIS.
Laura Geng：
基本上，如果仅向批发（成熟）投资者提供发行代币，您是可以在没有披露文件的情况下进行的。此外，您还可以向零售投资者提供针对个人的发行，并且在任何十二个月内发行给不超过20个散户投资者，同时保证筹集金额不超过200万美元。
管理投资计划也存在类似的例外情况，但即使您不需要注册管理投资计划，也仍需要获得澳大利亚金融服务许可。
Q8
王小圆：
Are there any restrictions on what types of assets can betokenised?
目前对何类资产进行代币化，是否有任何限制？
Louisa Wen：
You can tokenise and fractionalise ownership to anythingthat a company can hold. There's no reason why that company can't just tokenisethe shares in that company.Anycompany that is operating now, can in the future tokenise their shares and havethem on the blockchain.
Laura Geng：
您可以代币化或者切分公司所持有的任何东西的所有权。没有理由限制公司不能代币化该公司的股票。现在正在运营的任何公司都可以在将来代币化其股票并将其置于区块链中。
Q9
王小圆：
What has driven the recent increased interest in securitytoken offerings?
为什么最近市场对STO的兴趣大大增加？
Louisa Wen：
ICOs have probably gained a pretty bad reputation frompeople who have done the wrong thing. As there is more compliance to a securitytoken offering (for example, the standard of disclosure is usually higher thanwhat we have seen in some whitepapers),we think it may bring more legitimacy to blockchainprojects. Hence there's more interest.
Laura Geng：
现在，ICO的声誉大不如前。而且，由于对STO的合规的要求较高（例如，STO的披露标准通常高于ICO项目白皮书披露的标准），我们认为STO可能为区块链项目带来更多合法性与规范性。我想这也是为什么人们对STO更感兴趣。
Q10
王小圆：
How can Hatchstone Legal assist us with preparingsecurity token offerings and setting up a security token exchange?
Hatchstone Legal如何协助客户准备STO以及开设证券型代币交易所？
Louisa Wen：
We can assist you in deciding the structure best suited toyour needs and the offerings. We can assist with implementing that structure aswell as contributing to any prospectus or product disclosure statementrequired.
Laura Geng：
Hatchstone Legal可以帮助客户确定并实施最适合客户需求的STO结构。同时可以为客户准备证券型代币发行所需的招股说明书以及产品披露声明。
PART 2 社群问答
我们共收集了2位社群成员的6个提问，Louisa Wen都一一作了解答，篇幅所限我们选择2个补充问答放在这里，并感谢@KevinNie的参与。
Q1
鱼小洁：
Does STO in Australia refer to Equity Finance,or Equity Income Right Financing in Australia?
澳洲sto融资，是做股权融资，还是股权的收益权融资？
Louisa Wen：
You could do either – youcould incorporate a holding Australian company and issue tokenised shares oryour Australian company could enter into a contractual relationship with theunderlying business and use a structure similar to a VIE (Variable InterestEntity) structure.
Although most investors may be more comfortable withinvesting in a company with a direct share holding rather than a company thathas a contractual relationship with the underlying business.
Laura Geng：
都可以。您可以注册一家澳大利亚母公司，并在这里发行代币化股票，或者您在澳大利亚注册的公司直接与现有公司的业务建立合约关系，并使用类似于VIE（可变利益实体）的结构来做STO。
虽然大多数投资者可能更愿意投资于直接持股的公司，而不是与公司业务有合约关系的公司。
Q2
鱼小洁：如果是收益权融资，是否类似于目前的AB股形式？
Louisa Wen：
In Australia, we don’t have specific and defined classes ofshares like in China. (Wedon't have A Share, B Share, H Share...)
An Australian company generally issue ordinary shares, butbeyond this, it can issue preference shares and further classes of shares suchas class A, class B, or class C shares...
Then, it is up to the company to give the rights attached to each class.For example the tokenised shares could be recorded as class A shares issued bythe company. The company could state in its constitution that class A shares donot have voting rights but can have rights to participate in dividends.
Laura Geng：
在澳大利亚，我们没有像中国那样，有针对股权／股权收益率的特定分类的股票。（没有A B H股的说法）
澳大利亚公司通常发行普通股，但除此之外，它还可以发行优先股和其他类别的股票，就像A类、B类或C类股票一样。
然后，公司可以为每种类别的股票设定一些权利。例如，代币化的股票可以被当作公司发行的A股。公司可以在其章程中声明A类股票没有投票权，但可以有权参与获得股息。
PART 3 总结
作为关注行业发展的媒体，韭菜之家Leeks大学将继续通过近距离接触最前沿、最专业的从业者，和大家一起了解STO，期待有更多人从中获益，有更多项目可以搭上STO的早班车。
韭菜之家APP【Leeks大学-STO】主题菜地ID12130，收录全部讲师菜地和【STO相关基础概念】石墨文档，点击文末“阅读原文”即可下载APP并免费加入ID12130。
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