Treasurer Wayne Swan has announced the appointment of Greg Medcraft to the role of Chairman of the Australian Securities and Investments Commission (ASIC).
Mr Medcraft has been an ASIC Commissioner since February 2009, where he holds responsibility for the oversight of investment banking, investment managers, super funds and financial advisers.
Mr Swan said Mr Medcraft was 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.
The appointment, pending formal approval, will see Mr Medcraft hold the role of Chairman for a term of five years.
Minister Swan thanked outgoing ASIC Chairman Tony D’Aloisio for his service to the Australian community and regulation of the Australian securities markets.
The Government has also nominated Rod Sims to become the next Chairman of the Australian Competition and Consumer Commission (ACCC) for five years, commencing from 1 August 2011.
