The federal government has appointed Greg Medcraft as the new ASIC chairman.
Medcraft joined as ASIC commissioner in February 2009, responsible for oversight of financial planners, superannuation funds, fund managers and investment banking.
“Mr Medcraft is widely respected among financial markets, regulators and governments around the world after nearly 30 years experience at global investment bank Société Générale in Australia, Asia, Europe and the Americas, including key leadership roles in securitisation and structured finance,” Deputy Prime Minister and Treasurer Wayne Swan said.
“He is also highly regarded for his leadership as chief executive officer of the Australian Securitisation Forum, after co-founding the American Securitisation Forum in 2002.”
Medcraft will take over from Tony D’Aloisio, who became ASIC chair on 13 May 2007 for a four-year term.
D’Aloisio’s background included extensive public and private sector experience and involvement in business policy and regulation for over 30 years.
He was Australian Securities Exchange’s chief executive and managing director from 2004 to 2006, and law firm Mallesons Stephen Jacques chief executive partner between 1992 and 2004.
If approved by the Governor-General, Medcraft’s appointment will last five years.
Additionally, the government nominated Rod Sims to become the next Australian Competition and Consumer Commission (ACCC) chairman.
“Mr Sims is an eminent Australian economist, with deep knowledge and experience in advising on the competitive dynamics of industries across our economy. Mr Sims is highly regarded for the breadth of his work and leadership in both the private and public sector,” Swan said.
Sims will replace Graeme Samuel, who became ACCC chairman in July 2003.
Until the early 1990s, Samuel pursued a professional career in law and investment banking, from which he retired to assume a number of roles in public service and company directorships.
His former positions included National Competition Council president, Australian Chamber of Commerce and Industry president and Melbourne and Olympic Parks Trust chairman.
