I am pleased to announce the appointment of Mr John Price as a full-time member (Commissioner) of the Australian Securities and Investments Commission (ASIC) for a three-year period from 21 March 2012.
ASIC enforces and regulates company and financial services laws to protect consumers, investors and creditors. ASIC is an independent Australian Government body, which has regulated financial markets, securities, futures and corporations since January 1991. From 1998, ASIC became responsible for consumer protection in superannuation, insurance and deposit taking and from 2010, consumer credit.
Mr Price has worked as a lawyer at ASIC for over 12 years and in that time has held a number of senior positions within the organisation, gaining extensive regulatory experience in matters including fundraising, mergers and acquisitions, financial services, accounting and audit and policy development.
He has a strong understanding of the legal and regulatory framework that governs ASIC. He has been involved in the development and implementation of many aspects of that framework through policy formulation and involvement in significant law reform at ASIC.
Mr Price is also a current member of the Council of Financial Regulators, the co-ordinating body for Australia's main financial regulatory agencies. The Government's decision to appoint Mr Price follows consultations with the Ministerial Council for Corporations. ASIC now has five full-time members (Commissioners), including the Chairman.
23 March 2012