Australia Seeks Input on Ownership-Disclosure Requirements

Australia opened a consultation Thursday to finalize legislation on requiring listed companies to disclose more about who owns them.

The legislation would increase the disclosure of “beneficial ownership” information and broaden the Australian Securities and Investment Commission’s regulatory enforcement powers.

• The aim is to improve corporate transparency and discourage the use of complex corporate structures to obscure tax liabilities and facilitate financial crimes, Australia’s Treasury said Thursday.
• The bill also includes amendments that would cover more arrangements that can hand someone more influence over a corporate entity such as equity derivatives; require foreign-registered entities to disclose securities interests under ...