New ASIC chair announced

From The Adviser.

James Shipton, executive director of the Program on International Financial Systems at Harvard Law School, has been announced as government’s recommended nominee for the role of chair at ASIC.

According to an announcement by the Minister for Revenue and Financial Services, Kelly O’Dwyer, Mr Shipton will be recommended as the government’s choice for the role of chair of the Australian Securities & Investments Commission to the Governor-General in Council.

Mr Shipton would then replace Greg Medcraft for the five-year period starting 1 February 2018.

Mr Peter Kell, the current deputy chair, will be the acting chair from the time Mr Medcraft’s term ends on 12 November 2017 to when Mr Shipton commences in February.

Ms O’Dwyer commented: “Mr Shipton brings wide regulatory and financial market knowledge to the position, as well as international experience.

“He is currently the executive director of the Program on International Financial Systems at Harvard Law School. From 2013 to 2016 he was the executive director, Intermediaries Supervision and Licensing Division at the Hong Kong Securities and Futures Commission. Prior to that he had extensive experience in various roles in investment banking in Asia and Europe and commenced his professional career as a solicitor in Australia.

“I look forward to Mr Shipton making a significant contribution to the important work of ASIC in promoting confidence in Australia’s financial system and protecting consumer interests as the incoming chair.”

Ms O’Dwyer also went on to “express [her] appreciation to Mr Greg Medcraft for his commitment over the past years to ASIC both as the chair and as a member”.

She said: “Mr Medcraft has overseen significant changes in ASIC’s role during his tenure, including reforms to improve the quality of financial advice and financial literacy, and the establishment of a national business names register.”

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

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