Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill

The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill aims to amend existing laws to enhance regulatory compliance regarding company controllers. The key points include updating requirements for companies and foreign entities to maintain accurate registers of their controllers, nominee directors, and shareholders. Companies are mandated to notify registrable controllers regularly to confirm the accuracy of their details, with penalties of up to $25,000 for non-compliance. The bill also establishes a central register for nominee directors and shareholders managed by the Registrar, which will not be publicly accessible except under specific conditions. Additional provisions include increasing fines for certain offences from $5,000 to $25,000 across relevant sections.