Australia consults on a publicly available Beneficial Ownership Register
The Australian government has opened a consultation on a publicly available beneficial ownership register. On the first phase, the Government is welcoming comments for a proposal to require specified unlisted entities regulated under the Corporations Act 2001 to maintain beneficial ownership registers. It is also seeking comments on proposed amendments to the substantial holding notice and tracing notice regimes in the Corporations Act.
In the next phases, the Government will consult on the disclosure of beneficial ownership held through other legal vehicles (e.g., trusts) and the centralisation of information in one single public registry.
The consultation will remain open until 16 December 2022.
Please see more at https://treasury.gov.au/consultation/c2022-322265