ASIC plays ‘beneficial ownership’ card

Mike Taylor

Managing Editor and Publisher

3 June 2026

The Australian Securities and Investments Commission (ASIC) has strongly backed passage of Government legislation which will increase its reach with respect to business registries signally it clears the way for beneficial ownership transparency.

ASIC has told the Senate Economics Legislation Committee that it welcomes the Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Bill because it undoes an automatic transfer of statutory responsibility to the ATO, addresses statutory limitations to ASIC linking information between registers (such as Director ID numbers and the companies register) and permits, in limited circumstances, the display or redaction of additional information on the registers.

The regulator has also backed the legislation on the basis that it gives it the powers to redact or restrict information “meaning ASIC will be able to implement appropriate levels of access to more sensitive personal information for restricted users”.

In submission responding to the Senate’s committee’s review of the legislation ASIC said, that since 2024 when it resumed responsibility from the Australian Taxation Office (ATO), it has been stabilising and uplifting the business registers to address legacy technology, system weaknesses and user experience through its RegistryConnect program.

“The Bill will provide practical and targeted reforms that will make the business registers easier to use, harder to misuse, and more useful for businesses, consumers and regulators,” ASIC said.

“It will deliver the full policy intent of the Director ID regime because it will undo statutory impediments to ASIC linking Director IDs to the companies register. This will enable directors to be traced across companies and help target illegal phoenix activity and other misconduct.

“To realise these benefits, ASIC requires the supporting powers in the Bill to better manage access to, and the accuracy of, information on the registers. Together, these reforms provide safeguards for directors and businesses and reduce the risk of fraud and identity misuse.”

ASIC said the Bill will prevent the registry functions from transferring to the ATO and enable ASIC to remain focused on implementation of the RegistryConnect Connect program.

“The Bill allows ASIC to complete registry actions that lay the foundation for future reforms such as beneficial ownership transparency,” it said.

“The Government has signalled its commitment to improving the transparency of corporate structures by showing who ultimately owns, controls, or receives profits from companies. These reforms reinforce the role of the registers as foundational economic infrastructure.”