The Australian Securities and Investments Commission has released two consultation papers to assist public companies and intermediaries (that is, crowd funding platform operators) in using the new crowd-sourced funding regime. The Corporations Amendment (Crowd-sourced Funding) Act 2017 is the main piece of legislation governing the crowd-sourced funding regime.Under the CSF regime, due to commence on 29 September this year, eligible public companies will be able to make offers of ordinary shares to a large number of investors, via an online platform of an Australian financial services licensed intermediary.The main features of the CSF regime under the Act are: reduced disclosure in the form of an offer document which contains prescribed minimum information and is to be published on a licensed intermediary's platform; the gatekeeper role of the intermediary, including obligations to perform checks on companies making offers, its directors, and the offer document; retail investor protections including an investment cap of A$10,000 per company in any 12 month period and a cooling-off period to allow withdrawal from offers; and temporary concessions for newly registered or converted public companies, for up to five years, from certain reporting, audit and corporate governance obligations.The proposals in Consultation Paper 288 Crowd-sourced funding: Guide for public companies (CP 288) aim to assist companies seeking to raise funds through CSF to navigate the new regime and to understand and comply with their obligations, particularly given many of these companies will not have experience in making public offers of their shares.The proposals in Consultation Paper 289 Crowd-sourced funding: Guide for intermediaries (CP 289) aim to assist intermediaries seeking to provide a crowd-funding service, particularly given this is a new type of financial service and there are unique gatekeeper obligations for intermediaries operating platforms for CSF offers.ASIC invites submissions on these consultation papers, with comments due by 3 August 2017.