CA ANZ supports the Bill’s intent to strengthen the integrity of Australia’s business registers. Accurate and reliable registers are essential for regulators, businesses and the public to verify directors’ identities and trace their relationships across corporate entities. This transparency underpins trust in the corporate sector and supports the work of Chartered Accountants, who rely on the accuracy of these registers in their daily practice.

However, CA ANZ has identified several areas where the proposed amendments could be improved to better protect the interests of the business community and the public.

These include:-

• Director ID Publication: The Bill currently gives the Australian Securities and Investments Commission (ASIC) discretion to publish director IDs. CA ANZ believes publication should be mandatory.
• Company Registration Requirements: Under the Bill, ASIC may accept a company registration application even if the required director IDs are not provided. CA ANZ recommends that ASIC should only accept applications where all required director IDs are supplied.
• Communication and Penalties: ASIC would have the discretion to use an email address it considers correct, even if it differs from the one provided by a company. This could lead to missed communications and unintended penalties. CA ANZ recommends the Bill include a right for recipients to challenge penalties arising from missed communications.

The Bill should require director IDs to be linked to their relevant companies, published and searchable. The Registrar and ASIC should be empowered to ban individuals from acting as directors who refuse to obtain a director ID and ASIC should not accept company registration applications unless all required director IDs are provided.

These changes will help ensure the Bill achieves its goal of strengthening transparency, accountability and trust in Australia’s corporate sector.

Thank you to our members that shared how they use ASIC registers and the value of a director ID if available publicly.