Access to member registers now locked down

The long-awaited restrictions on access to company registers came into force today (13 December).

From today:

• people wanting access to a company or registered scheme register will have to disclose why they want access; and
• companies and schemes will be able to refuse access if the information is to be used for a banned purpose.

Regulations have been made setting out the list of banned purposes.

What registers does this apply to?

The new rules apply to registers kept under Ch 2C of the Corporation Act:

• register of members;
• register of option holders;
• register of debenture holders.

What's the new process?

Under the new rules a person who asks for access to a register will have to give the company a statement of why he or she wants the information.