22 June 2018

Appointment of new Deputy Chairperson to the Australian Securities and Investments Commission

I am pleased to announce the appointment of Mr Daniel Crennan QC as a new Deputy Chairperson to the Australian Securities and Investments Commission (ASIC) for a period of five years from 16 July 2018.

ASIC is the independent Australian regulatory agency responsible for administering our world-leading corporate and financial markets regulatory framework. Its work is critical in maintaining, facilitating and improving the performance of the financial system in Australia and in promoting the confident and informed participation of investors and consumers.

Mr Crennan is a highly regarded Queen’s Counsel and his appointment follows the Government’s commitment to appoint an additional ASIC Commissioner with targeted enforcement experience.

The appointment of the second Deputy Chairperson follows strong action taken by the Turnbull Government to boost the resources and capabilities of ASIC, including:

  • a $121.3 million funding package in 2016;
  • the introduction of an industry funding model to secure ASIC’s funding base;
  • a new product intervention power to enable ASIC to intervene in the sale of harmful products to retail consumers;
  • legislating to remove ASIC employees from the Public Service Act to enhance ASIC’s ability to attract and retain the best staff;
  • legislating to include competition considerations within ASIC’s mandate; and
  • the appointment of a new Chairman of ASIC, James Shipton, who brings deep regulatory and global financial market experience to the agency.

Mr Crennan’s appointment also compliments and builds on the Government’s reforms to strengthen criminal and civil penalties for corporate misconduct, and to boost the powers of ASIC to protect Australian consumers from corporate and financial misconduct.

These stronger penalties will ensure that those who do the wrong thing will receive appropriate punishment and will bring a credible deterrent to unacceptable misconduct.

The appointment of a second Deputy Chairperson to ASIC will strengthen ASIC’s leadership team and give the regulator greater flexibility in exercising its new powers and increased responsibilities, as a result of the Turnbull Government’s significant reforms.