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Company form security tightened

 

Company form security tightened

THE Australian Securities and Investments Commission is extending the corporate key security number system to critical company paper forms.

This is part of a number of things ASIC has introduced to protect the integrity of the Corporate Register.

ASIC executive director public and commercial services Mark Drysdale said: "The corporate key is intended to ensure the security of critical company information so it is in every company’s interest to quickly adopt the new system."

Corporate keys will be sent to the registered office of all new company registrations from this week and will be included on ASIC company statements.

The corporate key is similar in many respects to the PIN on a bank account, it is uniquely associated with the company’s ACN and is required to authorise critical changes to company details.

As part of a transition to the new system, ASIC will continue to accept paper forms without a corporate key from companies who have not yet received one.

A general grace period of several months will also apply to allow for adjustment to the new system.

The existing measures to protect the integrity of the corporate register will remain in place.

The forms affected by the corporate key process are:

 

Form 362 – notification of appointment or cessation of a registered agent by a company;

Form 370 – notification by an office holder of resignation or retirement;

Form 484 – change to company details; and

Form 486 – notification to nominate, change or cease a contact address for a company.

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