Gazette beneficial-ownership-transparency-amendment-no-2-act-2025-lg1-s1 — Beneficial Ownership Transparency Act

Gazette

beneficial-ownership-transparency-amendment-no-2-act-2025-lg1-s1

Published 2026-01-14

Section 10

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s10Amends section 10(3) to replace 'A company that is' with 'A legal person that is' and inserts the word 'of' after 'section 7' in paragraph (b).

Section 12

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s12Substitutes subsection (4)(a) to require the name and jurisdiction of the stock exchange and, for subsidiaries of listed entities, the name of the listed entity; also inserts new paragraph (ca) in subsection (6) requiring the nature of control.

Section 13

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s13Amends subsections (2) and (3) to require that beneficial ownership registers contain 'adequate, accurate and current' information.

Section 14

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s14Inserts new subsection (2A) providing that a legal person need not give notice requesting confirmation of a relevant change if already informed and has received the required particulars.

Section 18

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s18Amends subsection (2) paragraphs (a) and (b) to clarify when each applies, and adds new subsections (4) and (5) requiring corporate services providers to issue restrictions notices and notify the competent authority for non-compliance.

Section 19

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s19Repeals and substitutes subsection (1) to set out conditions for issuing restrictions notices, and adds subsection (2A) providing that restrictions notices do not take effect where the relevant interest is subject to a pre-existing third-party security interest.

Section 22

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s22Repeals subsection (2)(ia), adds subsection (2B) allowing the competent authority to share information with registrable beneficial owners, amends subsection (4), adds subsection (4A) enabling information sharing with foreign beneficial ownership authorities and governments, and substitutes subsection (6)(a) to specify publicly available particulars.

Section 26

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s26Repeals and substitutes subsections (2) and (3) to set the administrative fine at $5,000 for a prescribed breach with additional $1,000 monthly fines up to a $25,000 cap, and adds subsection (3A) requiring the Registrar to consider rules in determining fine amounts.

Section 29

Supplement No. 1, Gazette No. 1 of 2026 — 2026-01-14

s29Repeals and substitutes paragraph (a) and inserts new paragraph (aa) to empower the Registrar to make rules on initial and final assessment of administrative fine amounts including aggravating and mitigating factors.