The Government has today introduced legislation into Parliament to enhance the Australian Securities and Investments Commission’s (ASIC’s) capability by creating a second Deputy Chairperson position.
“I am also delighted to announce that the Turnbull Government intends to nominate Mr Daniel Crennan QC for the Governor-General’s consideration as an additional Deputy Chair of ASIC,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said.
The appointment of Mr Crennan meets the Government’s standing commitment 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. 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 is a highly regarded Queen’s Counsel with extensive experience in handling cases relevant to ASIC’s responsibilities.
Mr Crennan has 16 years’ experience at the Victorian Bar where he has previously served on the Bar Council and as the Honorary Treasurer. Mr Crennan has sat on the boards of several public companies and is currently the chairman of a children’s charity. Until recently, he has served as a director of Barristers' Chambers Ltd and the Law Council of Australia.
“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,” Minister O’Dwyer said.
“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.”
Mr Crennan’s appointment is conditional upon the Governor-General’s approval and on Parliament agreeing to amend the ASIC Act to allow the Governor‑General to appoint up to two Deputy Chairpersons to ASIC.