Federal Government eyes new ASIC role

by AB20 Mar 2018

The Federal Government intends to create a new deputy chairperson role at the Australia Securities and Investments Commission (ASIC).

The new role is aimed at strengthening ASIC’s leadership to assist its operation as a world class regulator, according to Minister for Revenue and Financial Services Kelly O’Dwyer.

“A second Deputy Chair will give ASIC greater flexibility to manage the breadth of ASIC’s new powers and increased responsibilities resulting from recent and upcoming law changes. It will also bring ASIC into line with the structure of the Australian Competition and Consumer Commission (ACCC),” she said in a statement.

The government intends to introduce the necessary legislation in the coming weeks. “This important step will also support ASIC to engage more closely with its stakeholders and assist it to better communicate its role, its priorities and how its resources are allocated,” O’Dwyer added.

The minister also announced the reappointments of Peter Kell as ASIC Deputy Chair for a further one-year period from 6 May this year to 5 May 2019, and John Price as ASIC Commissioner from 21 March this year to 20 March 2020.