Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Act 2026 (57 of 2026)

Schedule 1   Enhancing director ID requirements

Part 2   Disqualifying directors who fail to comply with director ID number requirements

Corporations Act 2001

13   After section 206F

Insert:

206FA ASIC's power of disqualification - failing to comply with director identification number requirements

(1) ASIC may disqualify a person from managing corporations for up to 3 years if:

(a) within 7 years immediately before ASIC gives a notice under subparagraph (b)(i), ASIC reasonably believes that the person has contravened subsection 1272D(1); and

(b) ASIC has given the person:

(i) a notice in the prescribed form requiring them to demonstrate why they should not be disqualified; and

(ii) an opportunity to be heard on the question; and

(c) ASIC is satisfied that the disqualification is justified, after having had regard to the following:

(i) the person's conduct in dealing with the Registrar under Part 9.1A (about director identification numbers);

(ii) whether the disqualification would be in the public interest;

(iii) any other matters that ASIC considers appropriate.

(2) If ASIC disqualifies a person from managing corporations under this section, ASIC must serve a notice on the person advising them of the disqualification. The notice must be in the prescribed form.

(3) The disqualification takes effect from the time when a notice referred to in subsection (2) is served on the person.