The Government has announced its candidate for the inaugural second deputy chair of the Australian Securities and Investments Commission (ASIC), despite the fact that the legislation that would allow an additional chair is yet to pass Parliament.
The Turnbull yesterday introduced legislation into Parliament to amend the ASIC Act that would enable the appointment of a second chair, announcing on the same day that the role would be filled by Daniel Crennan.
Crennan’s appointment would depend on both Parliament passing the proposed bill and the Governor-General approving his tenure.
Minister for Revenue and Financial Services, Kelly O’Dwyer, said that the introduction of a second deputy chair would help ASIC meet its “core duty” of enforcement, which was “essential to ensuring trust in financial markets”.
“This … will send a strong signal to the market that this Government will not tolerate corporate misbehaviour,” she said.
“An additional Deputy will also give ASIC’s leadership the flexibility to support the implementation and administration of their new powers and increased responsibilities resulting from recent and upcoming law changes.
“It will also bring ASIC into line with the Australian Consumer and Competition Commission, as well as allow ASIC to engage more closely with its stakeholders and assist it to better communicate its role, its priorities and how its resources are allocated.”
Crennan would bring 16 years’ experience at the Victorian Bar, where he is currently a silk. He had extensive experience in handling cases relevant to ASIC’s responsibilities.