上周，科銀資本公衆號發布的《澳大利亞證券型通證發行（STO）指南》一文在STO相關社群內廣泛傳播，澳大利亞是否可以進行合規STO募資？應該如何操作？澳大利亞當地有什麽特殊要求？這些問題都亟需解答。 Leeks大學第四期便邀請到了澳大利亞澳大利亞 Hatchstone Legal首席律師Louisa Wen女士來爲我們分享：澳大利亞STO實操指南。
嘉賓
Louisa Wen澳大利亞 Hatchstone Legal首席律師澳新銀行金融業務法律顧問超過9年的法律和商業經驗，曾就職爲Allens Linklaters律師事務所的公司和商業律師，擅長金融服務法、電子支付代碼、國家信用法、隱私法和公司法等。
翻譯嘉賓
Laura Geng科銀資本人力資源總監、客戶經理
主持人
王小圓韭菜之家聯合創始人區塊鏈項目要發車聯合創始人今夜酒店特價聯合創始人
PART 1 主題訪談
Q1
王小圓：
What is the difference between a security token and theutility token and a currency in Australia?
證券型代幣，實用型通證和貨幣之間有什麽區別？
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：
貨幣通常用于貨物和服務的支付，並不一定是僅僅能夠在某個特定平台上使用。實用型通證通常是用于訪問公司平台以實現某些特定目的，例如訪問數據平台，或者訪問一些可以使用指定實用型通證的其他平台。證券型代幣一般是公司的權益，比如公司股票或者管理投資計劃的權益，但是這種權益被代幣化了，並且會被記錄在區塊鏈上。
Q2
王小圓：
What is the difference between a security token offeringsthat is a share and a managed investment scheme?
作爲股票被推出的證券型代幣發行，與作爲管理投資計劃被推出的證券型代幣發行有什麽區別？
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：
以數字化股票形式被推出的證券型代幣大致就是由公司發行的、記錄在區塊鏈上的股票。而管理投資計劃則幾乎是另一種東西，它是一種把投資者的資金彙集在一起的投資方式。根據澳大利亞法律，這種管理投資計劃並不是任何主體的股票。
一般來說，管理投資計劃通常是一種基金，把投資者的資金彙集在一起，並且進行某些投資，用來給投資者一定的回報。投資者將持有管理投資計劃中的數字化單位或者權益。根據澳大利亞的法律，許多以前的ICO活動都屬于管理投資計劃的範疇。
Q3
王小圓：
To do a security token offer, will you need an AustralianFinancial Services Licence?
如果想要進行證券化通證發行，需要澳大利亞金融服務許可證嗎？
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：
如果您提供的證券是管理投資計劃中的權益或單位，那麽您作爲發行人必須持有澳大利亞金融服務許可證，用來獲得您對管理投資計劃進行實際操作的授權。
您需要向澳大利亞證券與投資委員會注冊該計劃，同時您的公司還需要提交符合“公司法”中各種要求的章程與合規計劃，以便爲您的管理投資計劃提供權益。
您還需要准備“産品披露聲明”，這個聲明與招股說明書的概念類似，但它特別適用于“公司法”規定下的的非公司股份的其他金融産品。
此外，任何對該管理投資計劃進行市場宣傳的人都需要獲得澳大利亞金融服務許可證，該許可證將授權他們推廣管理投資計劃。
另一方面，如果由您公司主體發行代幣股票，則不需要許可證。但是，任何營銷和推廣該股票的人都需要一個允許他們這樣做的許可證。
Q4
王小圓：
Where can security tokens be traded?
證券型代幣可以在哪裏進行交易？
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：
目前在澳大利亞，無論證券型代幣是管理投資計劃的權益還是股票代幣，都不能在普通的加密貨幣交易所上市，而是需要在與澳大利亞證券交易所（ ASX）類似的被許可的市場運營商交易所上市。
或者如果市場經營者希望成爲交易的參與者，比如買賣代幣，他們可以在澳大利亞金融服務許可證規定的範圍內進行運營，該許可證授權他們將這些證券或管理投資計劃市場化。這是因爲token是“金融産品”。
Q5
王小圓：
If there’s a security token exchange in Malta, Singaporeor elsewhere, can investors from elsewhere participate?
如果代幣在馬耳他，新加坡或其他地方的交易所交易，來自其他地方的投資者可以參與嗎？
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：
如果交易所在馬耳他或新加坡或其他地方，一般來說都是可以的，這是由特定司法管轄區的法律是否對進入管轄區的人員有限制來決定的。馬耳他正在努力成爲世界其他國家投資證券型代幣中心，因此它可能沒有這樣的限制。
Q6
王小圓：
In Australia, do you have to do AML and KYC for securitytoken offerings?
在澳大利亞，您是否需要爲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：
如果您所在公司發行了股票，那麽您並不需要根據澳大利亞法律對您的股東進行KYC，但您需要確定您的投資者是誰，因爲您需要保留投資者登記冊，因此您需要他們的名字和地址，但它不是一個完整的AML /CTF(反洗錢／反恐)、KYC過程。
如果您在管理投資計劃中發行權益，您需要持有並根據澳大利亞金融服務許可證的規則發行，因此您需要對所有投資者進行KYC。
Q7
王小圓：
When can you issue security tokens without disclosuredocuments?
什麽時候可以在沒有披露文件的情況下發行證券型代幣？
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，如果僅向批發（成熟）投資者提供發行代幣，您是可以在沒有披露文件的情況下進行的。此外，您還可以向零售投資者提供針對個人的發行，並且在任何十二個月內發行給不超過20個散戶投資者，同時保證籌集金額不超過200萬美元。
管理投資計劃也存在類似的例外情況，但即使您不需要注冊管理投資計劃，也仍需要獲得澳大利亞金融服務許可。
Q8
王小圓：
Are there any restrictions on what types of assets can betokenised?
目前對何類資産進行代幣化，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：
您可以代幣化或者切分公司所持有的任何東西的所有權。沒有理由限制公司不能代幣化該公司的股票。現在正在運營的任何公司都可以在將來代幣化其股票並將其置于區塊鏈中。
Q9
王小圓：
What has driven the recent increased interest in securitytoken offerings?
爲什麽最近市場對STO的興趣大大增加？
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：
現在，ICO的聲譽大不如前。而且，由于對STO的合規的要求較高（例如，STO的披露標准通常高于ICO項目白皮書披露的標准），我們認爲STO可能爲區塊鏈項目帶來更多合法性與規範性。我想這也是爲什麽人們對STO更感興趣。
Q10
王小圓：
How can Hatchstone Legal assist us with preparingsecurity token offerings and setting up a security token exchange?
Hatchstone Legal如何協助客戶准備STO以及開設證券型代幣交易所？
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可以幫助客戶確定並實施最適合客戶需求的STO結構。同時可以爲客戶准備證券型代幣發行所需的招股說明書以及産品披露聲明。
PART 2 社群問答
我們共收集了2位社群成員的6個提問，Louisa Wen都一一作了解答，篇幅所限我們選擇2個補充問答放在這裏，並感謝@KevinNie的參與。
Q1
魚小潔：
Does STO in Australia refer to Equity Finance,or Equity Income Right Financing in Australia?
澳洲sto融資，是做股權融資，還是股權的收益權融資？
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。您可以注冊一家澳大利亞母公司，並在這裏發行代幣化股票，或者您在澳大利亞注冊的公司直接與現有公司的業務建立合約關系，並使用類似于VIE（可變利益實體）的結構來做STO。
雖然大多數投資者可能更願意投資于直接持股的公司，而不是與公司業務有合約關系的公司。
Q2
魚小潔：如果是收益權融資，是否類似于目前的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：
在澳大利亞，我們沒有像中國那樣，有針對股權／股權收益率的特定分類的股票。（沒有A B H股的說法）
澳大利亞公司通常發行普通股，但除此之外，它還可以發行優先股和其他類別的股票，就像A類、B類或C類股票一樣。
然後，公司可以爲每種類別的股票設定一些權利。例如，代幣化的股票可以被當作公司發行的A股。公司可以在其章程中聲明A類股票沒有投票權，但可以有權參與獲得股息。
PART 3 總結
作爲關注行業發展的媒體，韭菜之家Leeks大學將繼續通過近距離接觸最前沿、最專業的從業者，和大家一起了解STO，期待有更多人從中獲益，有更多項目可以搭上STO的早班車。