Treasury has issued 3 exposure drafts of legislative instruments relating to the director identification regime, which forms part of the Modernising Business Registers (MBR) Program.
The exposure drafts focus on the transitional application periods that directors will have to apply for a director ID during the early stages of the director ID regime. For those directors appointed under the Corporations Act 2001, the transitional period to obtain a director ID is between 4 April 2021 and 30 November 2022. This timeframe will apply for both existing directors who were appointed prior to the commencement of the Director ID regime and directors appointed during the testing phase (testing phase being the period from the commencement of the director ID provision in the Corporations Act and 31 October 2021).
The proposed transitional period for directors of indigenous corporations under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) is between 4 April 2021 and 30 November 2023.