Modernising Business Registers program: Director ID regime consultation

March 18, 2021

Treasury has issued exposure drafts relating to the director ID regime which forms part of the Modernising Business Registers (MBR) Program. The director identification number (director ID) is designed to prevent the appointment of “fictitious” directors and, over time, facilitate traceability of individual’s profile and relationships with companies.

The exposure drafts focuses on the new data standard and disclosure framework which support the commencement of the director ID regime:

  • the draft data standard prescribes the information required to apply for a director ID under the Corporations Act including how the information is to be provided, used and stored and
  • the draft disclosure framework sets out the circumstances in which the Registrar may disclose director ID information to these bodies in the same way as government entities.