Senator Nick Sherry, Minister for Superannuation and Corporate Law, is pleased to announce the appointment of three new full-time members to the Australian Securities and Investments Commission (ASIC).
"I am very pleased to announce that Mr Greg Medcraft, Dr Peter Boxall AO and Mr Michael Dwyer have all been appointed as new ASIC Commissioners."
"ASIC is a strong and robust national regulator and these appointments, bringing the Commission to six members, will further boost its already high level of skills and experience."
"These appointments will ensure ASIC remains best placed to deal with the fallout from the global financial crisis and its new role as the national consumer credit regulator."
"The expansion of the Commission complements the Government's earlier decisions to provide ASIC with $30 million in additional funding to manage the implications of the global financial crisis and $66 million to nationally regulate consumer credit," Minister Sherry said.
ASIC has had three Commissioners since its predecessor, the Australian Securities Commission, began operations in 1991, although its areas of responsibility have undergone considerable growth over this time.
"ASIC has been, and will remain, well served by its Chairman Tony D'Aloisio, Deputy Chairman Jeremy Cooper and Commissioner Belinda Gibson."
"Under Chairman D'Aloisio's leadership, ASIC undertook an important operational restructure during 2008 which has brought it closer to the market, made it more flexible and better positioned it to manage current and emerging issues."
"Since the Government initially indicated it would expand the Commission by a further two members, COAG has agreed that ASIC should also regulate all consumer credit across Australia. Due to this additional new work, representing some 20 per cent of financial services nationally, the Government has decided to appoint a third new Commissioner."
"This is all about making a strong independent regulator even stronger," said Minister Sherry.
ASIC's three new Commissioners will significantly broaden the skills base of the Commission to include investment banking, insolvency, public policy and economics, adding to the strong existing commercial and legal strengths of Chairman D'Aloisio, Deputy Chairman Cooper and Commissioner Gibson.
Further detail on the new Commissioners:
Mr Greg Medcraft has had a successful career as an investment banker and has extensive international experience in capital and banking markets. He began his career in the audit industry at KPMG and later joined Société Générale (SG) where he worked as a financial market analyst. He later became the Global Head of Securitisation at SG. Most recently he has been the Chief Executive Officer of the Australian Securitisation Forum.
Dr Peter Boxall AO was made an Officer of the Order of Australia in 2007 for services to economic and financial development and reform in the areas of accrual budgeting, taxation and workplace relations. He has a PhD in Economics from the University of Chicago and early in his career worked as an economist at the Reserve Bank of Australia and the International Monetary Fund. Since then, he has had an extensive career in the Australian Public Service, having held Secretary positions in the Department of Resources, Energy and Tourism, the Departments of Employment and Workplace Relations and the Department of Finance and Administration. Dr Boxall has extensive experience in leading and managing large operational and policy projects.
Mr Michael Dwyer has extensive experience as a chartered accountant and an insolvency practitioner, including during a term as National President of the Insolvency Practitioners' Association of Australia. He has also held positions as the National Chairman of the Business Recovery Group at Howarth Australia Ltd and as Partner in Charge of Corporate Recovery Practice at KPMG in Adelaide. He has since opened his own firm, Dwyer Corporate. Mr Dwyer also has strong international knowledge of financial and operational restructuring.