Corporate and Accounting Laws (Amendment) Bill

This Act is the Corporate and Accounting Laws (Amendment) Act 2025 and comes into operation on a date that the Minister appoints by notification in the Gazette.

AMENDMENT OF ACCOUNTING AND CORPORATE REGULATORY AUTHORITY ACT 2004

In the Accounting and Corporate Regulatory Authority Act 2004 (called in this Part the ACRA Act), in section 39 —(a)in subsection (1), replace paragraph (b) with —“(b)issue a written order to require any person to provide any information, book or document, or a copy or an extract thereof, which is —(i)in the possession of the person;(ii)within the knowledge of the person; or(iii)in the custody or under the control of the person,by the time specified in the order and in such form and manner and at such place as may be specified in the order;(ba)in respect of any information, book or document, or a copy or an extract thereof, in the possession, within the knowledge, or in the custody or under the control of a company, issue a written order to require a director of the company to provide the information, book, document, copy or extract by the time specified in the order and in such form and manner and at such place as may be specified in the order;”;(b)in subsection (1)(c), replace “require, by order in writing,” with “issue a written order to require”;(c)after subsection (1), insert —“(1A) The power to issue a written order to a person under subsection (1)(b) or (ba) includes the power to issue a written order —(a)to require that person to produce or grant access to the information, book, document, copy or extract;(b)to inspect, make copies of or take extracts from the information, book or document, without fee or reward;(c)to require that person to provide an explanation of the information, book, document, copy or extract;(d)if the information, book, document, copy or extract is not provided, to require that person to state, to the best of that person’s knowledge and belief, where it is; and(e)if the information, book, document, copy or extract is recorded otherwise than in legible form, to require the information, book or document, copy or extract to be made available to the officer or employee of the Authority in legible form.(1B) An officer or employee of the Authority is entitled without payment to keep any information, book or document, or any copy or extract thereof, provided to him or her pursuant to a requirement imposed by him or her under subsection (1)(b) or (ba).”;(d)in subsection (6)(b), replace “or copy thereof” with “, copy or extract”; and(e)after subsection (6), insert —“(7) No liability shall lie against a person who, in good faith and with reasonable care, does or omits to do anything in complying with any written order issued under subsection (1)(b) or (ba).”.

“(1A) The power to issue a written order to a person under subsection (1)(b) or (ba) includes the power to issue a written order —(a)to require that person to produce or grant access to the information, book, document, copy or extract;(b)to inspect, make copies of or take extracts from the information, book or document, without fee or reward;(c)to require that person to provide an explanation of the information, book, document, copy or extract;(d)if the information, book, document, copy or extract is not provided, to require that person to state, to the best of that person’s knowledge and belief, where it is; and(e)if the information, book, document, copy or extract is recorded otherwise than in legible form, to require the information, book or document, copy or extract to be made available to the officer or employee of the Authority in legible form.

An officer or employee of the Authority is entitled without payment to keep any information, book or document, or any copy or extract thereof, provided to him or her pursuant to a requirement imposed by him or her under subsection (1)(b) or (ba).”;

“(7) No liability shall lie against a person who, in good faith and with reasonable care, does or omits to do anything in complying with any written order issued under subsection (1)(b) or (ba).”.

In the ACRA Act, in section 42(1) —(a)in paragraph (i), delete “or” at the end;(b)in paragraph (j), replace the full‑stop at the end with “; or”; and(c)after paragraph (j), insert —“(k)for the purpose of providing any information under an arrangement between the Authority and a foreign audit regulator (as defined in section 59B(5) of the Accountants Act 2004), to which section 59B of that Act applies.”.