ASIC have dropped the following Media Release
ASIC Media (Published
ASIC has commenced the first prosecution action against a director for failing to comply with the obligation to have a director identification number (director ID).
On 19 March 2024, a director appeared in the Downing Centre Local Court and was formally charged with one count of contravening section 1272C(1) of the Corporations Act 2001 by failing to have a director ID. An interim non-publication order (NPO) was granted by the Court prohibiting the identification of the defendant. The charges were listed for a further mention before the Downing Centre Local Court on 16 April 2024.
On 22 March 2024, the interim NPO was extended to 16 April 2024.
Background
All directors are required by law to verify their identity with Australian Business Registry Services before receiving a director ID. Directors must apply for their director ID within the following timeframes:
- Directors appointed before 1 November 2021 had until 30 November 2022 to apply
- New directors appointed for the first time between 1 November 2021 and 4 April 2022 had 28 days form their appointment to apply
- From 5 April 2022, intending new directors must apply before being appointed
The maximum penalty for an offence against section 1272C(1) of the Act is 60 penalty units. The defendant in this matter is facing a maximum penalty of $13,320.
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