Minister for Revenue and Financial Services Kelly O’Dwyer announced in a statement yesterday that the new role had been created in order to “build on and strengthen ASIC’s leadership to assist it to operate as a world-class regulator”.
“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,” Ms O’Dwyer said.
“It will also bring ASIC into line with the structure of the Australian Competition and Consumer Commission (ACCC).
“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.”
Legislation pertaining to the creation of the new position would be announced in the “coming weeks”, according to the statement.
The revenue and financial services minister also announced the reappointments of current deputy chair Peter Kell and ASIC commissioner John Price.
Mr Kell will retain his position for another year from 6 May 2018, while Mr Price has been reappointed for two years from 21 March.
“Both Mr Kell and Mr Price bring important skills and continuity in ASIC’s leadership,” the statement said.
