ASIC shakeup looms
The Australian Securities and Investments Commission (ASIC) is set to undergo a major shake-up following an exodus of executives.
Changes will see ASIC’s enforcement teams brought together under the leadership of long-time financial services enforcer Tim Mullaly, as well as the creation of a newly expanded regulation and supervision division led by Greg Yanco, the long-time head of ASIC’s markets division.
The ASIC Chairman Joe Longo announced the restructure during a town hall meeting with staff held in Sydney, which was broadcast to ASIC’s other offices on Tuesday.
The changes come partly in response to a report by the Financial Regulator Assessment Authority, which was tasked with reviewing the “effectiveness and capability” of ASIC.
The shake-up is aimed at streamlining and modernising the regulator, with a focus on emerging threats and challenges, and using more capable tech staff.
ASIC's office of people, transformation and technology led by Zak Hammer has also been elevated in importance.
Mr Longo has emphasised the importance of beefing up ASIC’s tech capabilities.
The current commission numbers have already been whittled down to four, led by Mr Longo and fellow ASIC Deputy Sarah Court, with concerns within the industry that none of the four commissioners are based in Sydney.
It comes as the Albanese Labor government launches a search for new ASIC commissioners, with Danielle Press’s term due to expire in September and Deputy chair Karen Chester’s term, both Liberal government appointments, to expire in January.
Recent departures from ASIC include former commissioner Sean Hughes, former chief financial officer Emily Hodgson, chief people officer Shayne Brown, corporate affairs boss Bruce Meagher, executive director of financial services Joanna Bird, executive director of markets enforcement Sharon Concisom, and chief data officer Scott Barber.
The changes take effect from July, and are expected to mean a less siloed-approach to enforcement and a more streamlined and modern regulator.