ASIC Requires Company Directors to Apply for Identification Number

The Australian Securities and Investments Commission (ASIC) today released its new director identification number (director ID) requirement, informing company directors to verify their identity.

According to the regulator, a director ID is a unique identifier that a director will apply for once and keep forever, which will help prevent the use of false or fraudulent director identities. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.

ASIC noted that the existing directors must apply a director ID until 30 November 2022, while directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment. In addition, from 5 April 2022, intending directors must apply before being appointed.

“The new Australian Business Registry Services (ABRS) is responsible for administering the director ID initiative,”the regulator highlighted.“ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.”

Last month, ASIC has published guidance for product issuers and market operators on how they can meet their regulatory obligations in relation to crypto-asset exchange traded products (ETPs)​ and other investment products.