Watchdog restructures regulatory team

The Australian Securities and Investments Commission (ASIC) has opted to restructure its regulatory team rather than appoint a direct replacement for outgoing executive director of financial services regulation Ian Johnston.

Johnston’s position has been scrapped in a restructure following his decision to accept a senior position with the Hong Kong Securities and Futures Commission.

In his place, ASIC has established two replacement roles - an executive director of compliance and an executive director of regulation.

Jennifer O’Donnell, formerly ASIC’ NSW regional commissioner, has been appointed to the more senior role of executive director of compliance, and Malcolm Rodgers as executive director of regulation.

O’Donnell is also a previous ASIC deputy executive director, and has worked for the Australian Securities Commission and the Australian Broadcasting Tribunal (now the Australian Broadcasting Authority).

She has responsibility for ASIC’s surveillance and campaign activities, including financial services regulatory compliance, financial reporting and corporate disclosure.

Rodgers has responsibility for financial services licensing, policy, markets, corporate finance, and research and analysis.

ASIC chairman Jeffrey Lucy said the restructure along “functional rather than sector lines” made O’Donnell’s position the “closest thing” to a replacement for Johnston.

Lucy said both new positions would help the organisation achieve “best practice outcomes in all of its regulatory and compliance activities”.

Johnston will take up his new role in Hong Kong at the end of March.