Australian Treasury Issued Consultation on Enhanced Beneficial Ownership

On November 14, 2024, the Australian Treasury introduced the Treasury Laws Amendment Bill 2024 to improve transparency in the ownership structures of listed entities. The proposed reforms to the Corporations Act 2001 aim to:
– Enhance disclosure requirements for ownership information in listed companies.
– Expand the regulatory and enforcement powers of the Australian Securities and Investments Commission (ASIC).
These changes will clarify who ultimately owns, controls, or benefits from companies.