ASIC has refreshed the leadership of its markets disciplinary panel (MDP), appointing a new chair, deputy chair, and three new members while thanking five outgoing members for their service.
The MDP is a peer review panel that determines, on ASIC’s behalf, whether infringement notices should be issued for alleged breaches of the market integrity rules by market participants. It operates as an alternative to civil penalty proceedings, with panels independently deciding on appropriate regulatory outcomes.
Victoria Weekes has been appointed chair of the MDP following the retirement of Simon Gray, who served on the panel for 15 years, including nine as chair.
Weekes has more than 30 years of executive experience in financial services and has been an MDP member for 14 years, including several years as deputy chair. She also serves as an independent director at Bendigo and Adelaide Bank.
Anthony Brittain, executive director and chief operating and financial officer at Euroz Hartleys, has been appointed deputy chair of the MDP.
ASIC also announced the appointment of three new members to the panel:
ASIC thanked five retiring members for their dedicated service: Simon Gray, Anne Brown, Ian Chambers, Geoff Louw, and Dan Ritchie.
“We welcome the new MDP members and congratulate Ms Weekes and Mr Brittain on their appointments as chair and deputy chair,” ASIC commissioner Simone Constant (pictured) said in a media announcement. “On behalf of ASIC, I extend our sincere thanks to the retiring members for their service and the significant contributions they have made.”
She added: “We are especially grateful to Simon Gray for his dedicated leadership and governance as chair of the MDP over the last nine years. The MDP plays a vital role in ensuring fair and effective financial markets for all Australians. The considerable depth and breadth of expertise of the panel will ensure the continued success in upholding market integrity.”
The MDP can issue infringement notices that may include financial penalties of up to $4.95 million, remedial measures, sanctions, or enforceable undertakings. Outcomes are published on the MDP Outcomes Register, and Regulatory Guide 216 sets out the framework the panel follows in applying the market integrity rules.
ASIC established the MDP in 2010 when it assumed responsibility for supervising Australia’s financial markets.
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