The Gillard Government intends to recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).
Mr Medcraft joined ASIC as a Commissioner in February 2009, taking responsibility for the oversight of investment banking, investment managers, super funds and financial advisers.
Mr Medcraft is widely respected among financial markets, regulators and governments around the world after nearly 30 years experience at global investment bank Société Générale in Australia, Asia, Europe and the Americas, including key leadership roles in securitisation and structured finance.
He is also highly regarded for his leadership as Chief Executive Officer of the Australian Securitisation Forum, after co-founding the American Securitisation Forum in 2002.
I take this opportunity to thank outgoing ASIC Chairman Tony D'Aloisio for his service to the Australian community and regulation of the Australian securities markets, particularly his close coordination with the Government and our other financial regulators during the global financial crisis. Mr D'Aloisio made an important contribution to Australia's successful policy response, which stabilised our financial system and helped protect hundreds of thousands of jobs.
If approved, Mr Medcraft's appointment for a term of five years will provide the continuity and experience our corporate regulator needs as it works with the Government to implement global financial market reforms to build a more secure and competitive financial system in Australia.
3 May 2011