Kelly O’Dwyer, minister for Revenue and Financial Services, said the new ASIC role “will build on and strengthen ASIC’s leadership to assist it to operate as a world-class regulator,” especially with the introduction of necessary legislation in the coming weeks.
“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,” O’Dwyer said. “It will also bring ASIC into line with the structure of the Australian Competition and Consumer Commission (ACCC)” and “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.”
Meanwhile, Peter Kell, who joined ASIC as a full-time member in 2011 and was named deputy chairperson in 2013, and John Price, who became an ASIC member in 2012, were reappointed.
Kell will serve a further one-year period until May 5, 2019 and Price for another two years until March 20, 2020.