Social Impact Bonds in Australia
Journal of Banking and Finance Law and Practice, Vol. 29, No. 3, 2018, pp. 248-257
15 Pages Posted: 28 Oct 2018
Date Written: January 12, 2018
Social impact bonds are a recent innovation but the number of issued bonds is increasing as investors, governments, providers of social services that can be funded by the proceeds of these bonds and others focus on the advantages of this type of investment. In this article the authors: (a) define social impact bonds; (b) discuss some of the benefits and challenges associated with these bonds; (c) provide examples of social impact bonds in Australia, the United Kingdom and the United States; (d) discuss the transaction structure for social impact bonds; and (e) consider legal issues related to disclosure to potential investors.
Keywords: Social Impact Bonds; Impact Investment; Investor Protection; Securities Regulation
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