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Treasury opens consultations on the corporations director identification number regime

Andrew Parlour, Rory Maguire and Jaqueline Wilson

Treasury is consulting on the new data standard, disclosure framework and draft legislative instruments which will support the commencement of the director identification number (Director ID) regime.

Modernising Business Registers Program (MBR) and Director ID Regime

Under the MBR, there will be a unification of the Australian Business Register (ABR) and 31 business registers administered by the Australian Securities and Investments Commission (ASIC) into a single platform. The MBR will also include the introduction of a Director ID.

Corporations Director Identification Number Data Standard

In an effort to combat fraudulent behaviour and provide traceability of a director’s relationships across companies, the Director ID will assist regulators and external administrators to investigate director involvement in what may be repeated unlawful activities such as illegal phoenixing.

Each individual who consents to being appointed a director will be required to obtain a unique identifier which they will hold permanently, even if they cease to act as a director. Persons applying under section 1272A of the Corporations Act will be given a director ID when their identity has been established to the satisfaction of the Registrar.

The exposure draft of the data standard sets out how the Registrar may collect information, how an individual may apply for a Director ID, how the Registrar may use, record and store the information, and the declarations required to be made by applicants on application.

Disclosure Framework Explanatory Statement

There are circumstances, such as for the efficient operation of Government, where the Director ID information may be shared with other agencies with Government.

The exposure draft of the Corporations (Director Identification Number) Disclosure Framework (PGPA Bodies, courts and tribunals) 2021 sets out the disclosure requirements of the Director ID information to PGPA Bodies, courts and tribunals.

A PGPA body is an entity or company which is not a government entity within the meaning of section 9 of the Corporations Act, but which is a Commonwealth entity or Commonwealth company within the meaning of the Public Governance, Performance and Accountability Act 2013.

Consultation on the framework

The consultation period closes on 1 April 2021. Treasury’s announcement regarding the consultation and links to key documents can be found here. Key documents include:

• Draft Data Standard;
• Data Standard Explanatory Statement;
• Draft Disclosure Framework; and
• Disclosure Framework Explanatory Statement

How we can help

Please contact Andrew Parlour, Rory Maguire or Jaqueline Wilson from our Corporate and Commercial team should you require further advice in relation to corporate advisory or governance matters. 

If you would like to stay up to date with Alerts, news and Insights from our team, you can subscribe to our mailing list here.

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