ASIC appoints new head of enforcement, supervision
The corporate regulator has reshuffled its leadership with two key appointments.
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The corporate regulator has announced two key appointments, confirming a new head of supervision and enforcement after a changing of the guard.
The Australian Securities and Investments Commission announced on Thursday it would promote general counsel Chris Savundra to the executive director of enforcement and compliance.
The move comes after the departure of Tim Mullaly, who previously held the role at the regulator after an organisational restructure.
ASIC senior executive Melissa Smith has been acting in the role since Mr Mullaly’s departure.
Mr Savundra will oversee ASIC’s leadership and management of its enforcement and compliance activities across a swath of the business landscape, excluding financial markets.
Calissa Aldridge leads ASIC’s markets group.
Mr Savundra previously led ASIC’s legal arm providing advice on regulatory matters.
Prior to that the former lawyer at Allens Arthur Robinson was a senior executive in ASIC’s markets enforcement team.
In addition to the new head of enforcement, ASIC has also poached Austrac regulator Peter Soros to head up its regulation and supervision division.
Mr Soros, who is deputy chief executive regulation at the financial intelligence and money laundering regulator, will join ASIC in November to take on the role.
ASIC said the move to appoint Mr Soros, who has been acting CEO of Austrac for eight months, comes after an international search to fill the role.
ASIC executive Jane Eccleston has been acting in the role of head of regulation and supervision since Mr Yanco’s promotion.
Mr Yanco was promoted to run ASIC after the departure of Warren Day.
Mr Day was seconded to the Commonwealth Department of Public Prosecutions in June, as part of an effort to improve the functioning of the office.
Mr Yanco will act as ASIC CEO until mid-2025, as the regulator runs an international search for a permanent replacement.
He has said he will retire upon his exit.
ASIC chair Joe Longo said the leadership changes “will help ensure ASIC is set up to meet the challenges and opportunities the agency faces”.
“We continue to change and evolve so we can ensure ASIC is an ambitious, confident and modern regulator,” he said.
The reshuffle of ASIC’s leadership comes as the regulator has signalled a more aggressive enforcement posture in the wake of a critical parliamentary review.
Liberal senator Andrew Bragg spearheaded an inquiry that took aim at ASIC’s enforcement record, warning the regulator was ineffectual.
ASIC launched a major restructure in May last year under Mr Longo aimed at breaking down silos within the regulator.
The move abolished the Office of Enforcement, combining enforcement functions, and splitting its seven functions across eight divisions.
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