IR 07-29 ASIC releases updated policy on tracing beneficial ownership
Wednesday 27 June 2007
ASIC has released updated Policy Statement 86: Tracing beneficial ownership [PS 86]. This statement provides guidance on how the agency will exercise its powers under the beneficial ownership tracing provisions (Pt 6C.2) of the Corporations Act.
The previous version of [PS 86] has been revised to:
incorporate ASIC’s policy on when it may provide a beneficial tracing direction following a request by a person who is not a member;
incorporate the guidance set out in ASIC Information Release [IR 05/50] on when ASIC will provide companies with information received in response to a beneficial tracing direction;
update legislative references; and
take account of judicial consideration of the beneficial ownership tracing provisions (e.g. how the provisions apply where the person who must respond to a beneficial tracing direction is overseas).
Copies of the amended policy statement are available from the ASIC website or by calling the ASIC Infoline on 1300 300 630.