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According to a statement from Minister for Revenue and Financial Services Kelly O’Dwyer, legislation was introduced to Parliament this week to create a second deputy chairperson role for the Australian Securities and Investments Commission (ASIC).
Minister O’Dwyer announced earlier this month that the government would create a new deputy chairperson role for the financial services regulator.
According to Minister Kelly O’Dwyer, the new role will “build on and strengthen ASIC’s leadership to assist it to operate as a world-class regulator”.
She said earlier this month: “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. 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.”
Ms O’Dwyer has now announced that the Turnbull government intends to nominate Mr Daniel Crennan QC for the Governor-General’s consideration as an additional deputy chair of ASIC.
According to a statement released this week, the appointment of Mr Crennan is in line with the government’s intention to “appoint an additional ASIC Commissioner with experience in enforcement”.
“Enforcement is a core duty for ASIC and is essential to ensuring trust in financial markets,” Ms O’Dwyer said.
“This is an important step in enhancing ASIC’s enforcement capability and will send a strong signal to the market that this government will not tolerate corporate misbehaviour.”
Mr Crennan has been a barrister at the Victorian Bar for 16 years since 2002 and, until very recently, was a director at Barristers Chambers Limited.
He has extensive board experience and has served on the boards of a number of mining and resources companies such as Bounty Mining, Wolf Petroleum, Castillo Copper, Haranga Resrouces, The Waterberg Coal Company and Hunnu Coal.
Mr Crennan is currently chairman of children’s charity Artists for Kids’ Culture.
[Related: Bill to boost APRA powers one step closer to law]
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