Explanatory Memorandum
(Circulated by the authority of the Minister for Small Business, Minister Assisting on Deregulation and Public Sector Superannuation, Minister Assisting the Minister for Tourism, Senator the Hon Nick Sherry)Chapter 9 Accessing the business names register
Outline of chapter
9.1 Chapter 8 of this explanatory memorandum outlines:
- •
- the rules governing access to the information recorded in the Register
- •
- the requirement that ASIC provide information to government bodies for specified purposes.
Detailed explanation of new law
9.2 Section 60 provides that ASIC must provide access to certain information in the Register upon request. An application must be made in the prescribed manner, in the prescribed form and accompanied by the application fee for a copy of an entry in the Register relating to particular business names and particular entities. If an application is lodged and complies with the requirements of the business names legislation and regulations, ASIC must provide the person with a copy of the entry or entries sought.
9.3 Subsection 60(4) provides that, before giving the person a copy of the entry, ASIC must excise any details required to be excised by regulations made under subsection 60(5) or prohibited to be disclosed under subsection 60 (6).
9.4 Information Privacy Principle 11 limits ASIC ability to disclose personal information, without consent, for purposes other than that for which it was collected.
9.5 This section also allows ASIC to suppress otherwise publicly available personal information held on the register in circumstances where a person lodges an application for a detail not to be disclosed and ASIC is satisfied that disclosure is not appropriate. Decisions under this section are reviewable under Part 7 of the Bill. Further detail is provided in the commentary for that Part.
9.6 Section 61 provides that ASIC must make publicly available and free of charge any details of the kind prescribed by the regulations. It is intended that the regulations will provide for most of the data that is currently publicly available to be available for free.
9.7 Section 62 outlines that ASIC must provide information to other government bodies for specified purposes, which are consistent with the Privacy Act. Section 77(3) provides a penalty of up 6 months imprisonment for reckless recording, use or disclosure of information, made available under the section 62, for an inconsistent purpose.
9.8 ASIC must make the information available electronically and without charge. The purposes specified are:
- •
- the enforcement of the criminal law;
- •
- the enforcement of a law imposing a pecuniary penalty;
- •
- the protection of the public revenue;
- •
- the exercise of the powers or the performance of the functions of that body in relation to consumer protection;
- •
- the exercise of the powers or the performance of the functions of that body in relation to anti-discrimination;
- •
- the exercise of the powers or the performance of the functions of that body in relation to workers' compensation;
- •
- the exercise of the powers or the performance of the functions of that body in relation to insolvency or bankruptcy;
- •
- the exercise of the powers or the performance of the functions of that body in relation to licences;
- •
- maintaining a notified State/Territory register; or
- •
- the performance of the functions of an intelligence or security agency.
Application and transitional provisions
9.9 All provisions in Part 8 will commence on a single day to be fixed by proclamation. The date of proclamation will depend on when the final State or Territory passes its referral legislation or adopts the Commonwealth legislation.
9.10 Transitional provisions are contained in the Business Names Registration (Transitional and Consequential Provisions) Bill 2011.
Consequential amendments
9.11 Consequential provisions are contained in the Business Names Registration (Transitional and Consequential Provisions) Bill 2011.