ASIC is no longer treating DIN non-compliance lightly under new rules
Employers across Australia are being urged to treat director identification number (DIN) compliance as a genuine governance obligation as new legislative powers for the corporate regulator take effect.
A DIN is a 15-digit unique identifier issued by the Australian Business Registry Services to a company director or someone who intends to become a company director.
Under a newly passed legislation, Parliament is linking DINs to the Australian Securities and Investments Commission's (ASIC) Companies Register to strengthen its regime.
It is also expanding the enforcement power of ASIC to disqualify non-compliant directors and deregister companies that provide false or misleading information.
While the new reporting requirements do not commence until July 2027, law firm Hall & Wilcox is warning that companies have no time to waste in getting their house in order.
"Treating DIN compliance as an administrative afterthought is no longer a defensible position," the firm said in an insight.
From July 2027, companies and registrable bodies must provide the DIN of each director to ASIC at key reporting points, according to Hall & Wilcox.
This includes the registration of a new company, the appointment of a director, notification of changes to director details, and annual reporting.
Directors are also required to provide their DIN to their company within seven days of appointment. Where...
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