According to a statement from Minister for Revenue and Financial Services Kelly O'Dwyer, legislation was introduced to Parliament today to create a second deputy chairperson role for ASIC.
Ms O'Dwyer said, “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."
Mr Crennan's appointment is conditional, pending the approval of the Governor-General and the passing of Parliament legislation to amend the ASIC Act to appoint two deputy chairpersons.
The statement said appointing Mr Crennan was in line with the government's intention 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," Ms O'Dwyer said.
"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 has been a barrister at the Victorian Bar for 16 years since 2002, and until very recently was a director at Barristers Chambers Limited.
He has extensive board experience and has served on the boards of a number of mining and resources companies such as Bounty Mining, Wolf Petroleum, Castillo Copper, Haranga Resrouces, The Waterberg Coal Company and Hunnu Coal.
He is currently chairman of children's charity Artists for Kids Culture.
“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,” Ms O’Dwyer added.
“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 is also the son of former High Court justice Susan Crennan QC, as reported by InvestorDaily's sister publication Lawyers Weekly last week.
