The government will recommend a new chair of the Australian Securities and Investments Commission (ASIC) to the governor-general in council.
In a statement released today, Minister for Revenue and Financial Services Kelly O’Dwyer said that James Shipton will be appointed as the full-time ASIC chair for a five-year period from 1 February 2018.
Shipton brings wide regulatory and financial market knowledge to the position, as well as international experience, she said.
Currently the executive director of the Program on International Financial Systems at Harvard Law School, he worked as the executive director, intermediaries supervision and licensing division at the Hong Kong Securities and Futures Commission from 2013 to 2016. Prior to that, he held various roles in investment banking in Asia and Europe and commenced his professional career as a solicitor in Australia.
"I look forward to Mr Shipton making a significant contribution to the important work of ASIC in promoting confidence in Australia’s financial system and protecting consumer interests as the incoming chair," O'Dwyer said.
"I would also like to express my appreciation to Mr Greg Medcraft for his commitment over the past years to ASIC both as the Chair and as a member."
Medcraft has overseen significant changes in ASIC’s role during his tenure, including reforms to improve the quality of financial advice and financial literacy, and the establishment of a national business names register.
, the current deputy chair, will be the acting chair from the time Medcraft’s term ends on 12 November 2017 to when Shipton commences in February.