InFocus March 2020 - Volume 29 Issue 2
- AUSkey decommissioning
- How our data is used: a case study
- Managing a small business after the bushfires
- Are you looking to start a small business?
- More transactions on the ASIC Regulatory Portal
- ASIC Annual Forum 2020 - register now
As of 28 March 2020, the Australian Business Register (ABR) will decommission the AUSkey. From this date, you will no longer be able to access the following ASIC services using an AUSkey:
- ASIC Connect
- ASIC Connect government search service (including web services)
- government access portal
- financial reporting with third party SBR-enabled software, and
- web services for business name registration.
To access ASIC Connect, AUSkey users will need to register for, or log in with, a username and password. If you don’t have an existing account, you can find out how to set one up on our website.
For more information about the retirement of AUSkey, visit the ABR website.
In 2018/19, our registers were searched 142.6 million times.
Our registers contain information about companies, business names and financial professionals registered to operate in Australia. This information enables businesses and consumers to make informed decisions about who to do business with and can also be used to conduct research.
Data from our registers provide value for many different users including commercial users who use our data for their own products and services, academics who use our data for research, Government departments who use our data for policy work, and law enforcement agencies who use our data whilst conducting investigations.
Below we explore how financial institutions use our data.
Lisa is a bank employee who is reviewing a small business loan application.
As part of her review, Lisa uses ASIC’s data to check the validity of the business.
Using ASIC Connect Search, Lisa searches for the loan applicant’s business name. She is able to confirm the business name holder’s details and that the business name is registered with ASIC. She can then confidently verify that the loan is for a valid small business.
Lisa values using the ASIC register for her business name searches as she knows the information is updated in real time, allowing her to perform her job efficiently with the latest information. This then provides value for her customers, who can receive the outcome of their loan application in a shorter amount of time.
For information about our registers and what you can use them to search for, visit our website
Recovering from a bushfire as a small business owner can be overwhelming. It’s important you don’t feel rushed and get help so you can make the right decisions for you and your business.
Scott Pape presents a short video on what to think about at: Managing a small business after the bushfires
Visit Moneysmart.gov.au and start the road to recovery.
ASIC is partnering with the Australian Taxation Office (ATO) to deliver ‘Starting a small business’ and ‘Planning your regular financial commitments’ workshops for the Arabic, Chinese, and Vietnamese speaking communities in Victoria.
Getting it right is important, so come along, ask questions, and give your business the best chance of success. To register for the workshops in March, April and May 2020, please visit:
Registered auditors, liquidators, and Australian financial services licensees will soon use the ASIC Regulatory Portal to fulfil more of their regulatory obligations.
The portal is where ASIC’s regulated community can access an increasing suite of digital services and more transactions will be added to it over time.
The portal features:
- the ability to track the status of submitted transactions
- a record of submitted transactions
- the ability to correspond with ASIC online
Information for registered auditors and Australian financial services licensees
From 30 March 2020, registered auditors and AFS licensees will need to submit breach reports to ASIC via the portal. The portal will replace existing submission channels. There are no changes to ongoing breach reporting obligations as a result of this change. More information for AFS licensees and registered auditors is on our website.
Information for registered liquidators
From 30 March 2020, registered liquidators will need to submit certain statutory reports, all applications for assetless administration funding and requests for ASIC’s assistance in an external administration to us via the portal. Visit our website to find out more.
Have you registered for ASIC's premier event for participants in the financial services and markets sectors?
In 2020, the ASIC Annual Forum will explore the characteristics of a good financial services industry, and how we can all work together to build a system that is efficient, honest and fair.
The ASIC Annual Forum will be held on the 25-26 March at the Hilton, Sydney.
To see the full program and line up of prominent speakers, and to register, visit our website.