This question has a few layers so I apologise in advance if its a little confusing. I am wondering under Commercial Law whether or not a business would require an AFSL if it intends to serve as an intermediary to bring private companies and their members together with outside investors (sophisticated only) for the purpose of both equity and/or debt funding. This may or may not entail quoting buy/sell prices. My initial belief is that it qualifies the criteria and would require the licence. The second part is if the company sought to perform private issues, what are the restrictions around advertising and marketing (s734) to a list of sophisticated investors and would that breach its ability under s708(2)? The reason is because is a further point (iii) it mentions that the "person" can indicate themselves interested in such offers (and would the subscription to a list be sufficient indication). The final part is that if I as an original member (shareholder) wishes to sell my shares to a third-party (sophisticated investors) outside of the standard transfer of form would anything else be required, on behalf of the selling and buyer? Thanks and very much appreciated!