The Registrar of Aboriginal and Torres Strait Islander Corporations has today published her Regulatory posture. The posture outlines which specific legislative obligations for Aboriginal and Torres Strait Islander corporations are in her focus and her approach to regulating these obligations, as well as announcing focus areas for regulatory action in 2024.
In 2024, the Registrar will focus on:
- corporations that have, over time, stopped reporting income and assets, or are suspected of under reporting
- corporations that provide housing or accommodation services, particularly those that are suspected of understating the value of their assets in their financial reporting
- directors and officers who fail to fulfill their duties under the CATSI Act
- corporations that deny members the opportunity to exercise their rights and are suspected of not following the CATSI Act or their rule book.
In her Regulatory posture, the Registrar also announces her intention to conduct examinations with narrowed scope concentrating on specific allegations of serious and/or repeated non-compliance, and aligned to the focus areas listed above.
The Registrar has also published the ORIC regulatory compliance framework, which outlines the Registrar’s approach to ensuring compliance with the CATSI Act. It covers ORIC’s values and foundation of the compliance approach, and describes the Registrar’s regulatory functions and powers.