Overview

The Corporations (Fees) Amendment (Registry Fees) Regulations 2019, issued under the authority of the Treasurer, amend the Corporations (Fees) Regulations 2001. These regulations were enacted to address the need for greater corporate transparency and accountability by providing journalists with free access to historical extracts and lodged company documents on Australian Securities and Investments Commission (ASIC) business registers. This change aims to facilitate in-depth journalistic research, thereby enhancing public awareness and oversight of corporate activities. The regulations also updated the fees for access to this information by non-journalists to reflect automatic indexation, effective from 1 July 2019. The Australian Parliament enacted these regulations to streamline the process and ensure timely access to corporate information, with the commencement date set for the day after registration and application to searches conducted from 6 January 2020 onwards.

Scope and Application

The Corporations (Fees) Amendment (Registry Fees) Regulations 2019 amends the Corporations (Fees) Regulations 2001 to provide journalists with free access to historical extracts and lodged company documents on Australian Securities and Investments Commission (ASIC) business registers, effective from 6 January 2020. This amendment aims to enhance corporate transparency and accountability, as well as support journalists in conducting thorough investigations. The Act applies to all corporations registered under the Corporations Act 2001 and any entities or individuals interacting with ASIC business registers, although the primary beneficiaries of the fee waiver are journalists. The Regulations apply nationally, as they are a Commonwealth instrument. The Act authorises the Governor-General to make regulations concerning fees, and the Regulations are a legislative instrument under the Legislation Act 2003, with no stated exclusions, exemptions, or thresholds other than the specified fee waiver for journalists. The Regulations do not extend or restrict application through subordinate instruments beyond the outlined amendments.

Key Provisions

The Corporations (Fees) Amendment (Registry Fees) Regulations 2019 (the Regulations) amends the Corporations (Fees) Regulations 2001. These Regulations, in accordance with Section 8 of the Corporations (Fees) Act 2001, aim to provide journalists with free access to historical extracts and lodged company documents on Australian Securities and Investments Commission (ASIC) business registers starting from 6 January 2020. These documents are already accessible through ASIC business registers, but the Regulations facilitate journalists' ability to access them without charge, thereby improving corporate transparency and accountability. Additionally, the Regulations update the fees for access to this information by persons who are not journalists, reflecting the automatic indexation of these fees on 1 July 2019. The Regulations commenced on the day after their registration and apply to searches conducted on or after 6 January 2020. The Regulations impose certain obligations on the parties and entities they govern. Primarily, they mandate that ASIC must provide journalists with free access to historical extracts and lodged company documents on its business registers. This obligation is designed to ensure that journalists have the necessary information to perform their role in enhancing corporate transparency and accountability. On the other hand, non-journalists must now pay updated fees for accessing the same information, reflecting the automatic indexation on 1 July 2019. This change ensures that the costs associated with accessing corporate information are fairly distributed and updated in line with economic changes. Breaching the provisions of these Regulations could result in civil or criminal consequences. While the specific offences and penalties are not detailed in the explanatory statement, the Act itself provides a framework for enforcement. Under Australian law, breaches of regulatory requirements can lead to penalties, which may include fines or, in severe cases, criminal charges. The exact penalties would depend on the nature and severity of the breach, as well as the provisions of the primary Act and any relevant subsidiary legislation. The Regulations themselves do not specify penalties, but the overarching Act would apply its stipulated penalties for non-compliance.