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CLERP 9


Corporate reporting and disclosure laws



How CLERP 9 affects you
Information about:
Registering as an auditor
Compliance
Product disclosure (issuing securities)
Continuous disclosure
Authorised audit companies: Insurance arrangements
Speeches about CLERP 9
Regulatory guides (formerly policy statements, practice notes, policy proposal papers and guides)
Media releases about CLERP 9


How CLERP 9 affects you


The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (also known as CLERP 9) became law on 1 July 2004. You must have adequate measures, processes and procedures to meet the obligations of the Act, especially if you're involved in auditing and company financial reporting.

The requirements of the CLERP 9 Act are explained in the following regulatory documents:
These are final versions of the two policy statements and two practice notes issued as ‘proof’ versions on 1 July 2004. For more information see Information release 04-73 ASIC issues final versions of CLERP 9 policies.

The professional indemnity insurance requirements for authorised audit companies, which were the subject of a policy proposal paper issued in April 2004, are included as Part B in RG 180 [formerly PS 180].

Getting a copy of our policy statements, practice notes, proposal papers, guides and related class orders

You can get a copy of the CLERP 9 Act from the Attorney-General's ComLaw website.


Information about



Registering as an auditor


Auditors who were already registered with us before 1 July 2004 do not need to re-register under the CLERP 9 Act.

New registrations
If you want to register with us as an individual auditor or authorised audit company you can apply online or by lodging a paper application.

More information about applying for registration as an individual auditor or authorised audit company

For further information contact Infoline on 1300 300 630 or email infoline@asic.gov.au.


Compliance
You can now use our online lodgement service to change or update your registration details and, from 1 January, to lodge your annual statement. Annual statements will replace triennial statements from 1 January 2005.

Lodging forms online through the auditors portal

Notifying ASIC about contraventions of the Corporations Act
For guidance on when you must report contraventions of the Corporations Act to us read HREF="/asic/pdflib.nsf/LookupByFileName/pn34.pdf/$file/pn34.pdf">Regulatory Guide 34 Auditors’ obligations: reporting to ASIC [formerly PN 34].

[RG 34] also includes information about how a report may be made to ASIC. Reports may be emailed to auditor.notification.team@asic.gov.au or mailed to:



Product disclosure (issuing securities)


A new 'clear, concise and effective' disclosure obligation applies to issuing securities. We will apply our guidance about this obligation in Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) to securities, while we develop our policy on this.

We will also apply our general policy on the use of stop orders in Regulatory Guide 152 Lodgment of disclosure documents when considering if a matter should be stopped because it is not presented in a clear, concise and effective manner.

We have also issued revised: For more information see Information release 04-73 ASIC issues final versions of CLERP 9 policies.

For background information read our policy proposal paper on Product disclosure 0


Continuous disclosure


The CLERP 9 Bill introduces a new remedy in the form of an infringement notice for breaches of the continuous disclosure obligations.

Read our guide Continuous disclosure obligations: infringement notices 0 to find out about our processes for administering the infringement notice regime, including how hearings will be conducted and notices issued.

Read about the first infringement notice which we issued for a continuous disclosure breach


Authorised audit companies: Insurance arrangements


The professional indemnity insurance requirements for authorised audit companies, which were the subject of a policy proposal paper issued in April 2004, have now been included as Part B in RG 180 (formerly PS 180).


Speeches about CLERP 9


For recent speeches about corporate reporting and disclosure go to our speeches page.


Regulatory guides (formerly Policy statements, practice notes, policy proposal papers and guides)


Download a copy of our regulatory guides as PDF files:Regulatory Guide 180 Auditor registration (formerly Policy Statement 180) To download copies of the related class orders see Information release 04-29 ASIC issues four CLERP 9 policies.


Media releases about CLERP 9


21 December 2004
ASIC issues final versions of CLERP 9 policies, Information release 04-73

20 December 2004
Additional online lodgement facilities for auditors & authorised audit companies, Information release 04-70

16 November 2004
New online lodgement facilities for auditors & authorised audit companies, Information release IR 04-58

8 October 2004
ASIC releases policy proposal paper on external administration: liquidator registration, Information release 04-51

20 July 2004
Audit notifications under CLERP 9 Details of our procedures for dealing with new audit notifications required as a result of the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004, Information release 04-33


1 July 2004
ASIC issues four CLERP 9 policies, Information release 04-29

30 June 2004
ASIC and FRC sign Memorandum of Understanding, Media release 04-210

22 June 2004
ASIC amends policy on security deposits - alternative arrangements for liquidators, Information Release 04-25

16 June 2004
ASIC issues draft guidance paper on CLERP 9: Authorised audit companies: Insurance arrangements. Your comments on this paper are invited.

4 June 2004
The Parliamentary Joint Committee on Corporations and Financial Services has released its report on the CLERP (Audit Reform and Corporate Disclosure) Bill 2003, Part 1, Enforcement, executive remuneration, continuous disclosure, shareholder participation and related matters.
Download a copy of the report as a PDF file from the Parliament of Australia's website

20 May 2004
How ASIC will use infringement notices: a guide, Media release 04-147

5 April 2004
ASIC seeks comment by 18 May on draft CLERP 9 guidance, Information Release 04-13

5 February 2004
ASIC releases its guide 'Building the CLERP 9 administrative framework, policy to implement the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003'.
Media release | Get a copy of 'Building the CLERP 9 administrative framework'

4 December 2003
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 tabled in Parliament. Visit the website of the Parliament of Australia for a copy of the bill and explanatory memorandum.

29 October 2003
ASIC seeks comment on draft guidance on management of conflicts of interest, Media release 03-338


8 October 2003
The Government released an exposure draft of the CLERP 9 legislation covering audit reform and corporate disclosure. Copies of the Bill and commentary are available from the Treasury website.

November 2002
Corporate disclosure: strengthening the financial reporting framework, Download a copy of ASIC's submission on CLERP 9

18 September 2002 27 June 2002
ASIC responds to CLERP 9 and WorldCom accounting disclosures, Media release 02/234


More information


More information for auditors
Other CLERP law reform

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