ASX Appointment of Chief Compliance Officer and Update on Transfer of Supervisory Functions to ASIC
ASX has appointed Kevin Lewis to the role of Group Executive and Chief Compliance Officer. This role will supersede the Group Executive role that Eric Mayne has held in his five years with ASX. Kevin Lewis is a leading authority in financial services regulation and compliance. He has practised law for 30 years across a broad spectrum of areas involving financial services, equity capital markets, M&A and corporate matters. Kevin has held a number of senior management positions with law firms and in-house roles. He has been a partner of the law firms Freehills, Atanaskovic Hartnell and most recently Chang, Pistilli & Simmons. He has taught the University of Sydney Law School post-graduate program Compliance: Theory and Practice in the Financial Services Industry since 2002.
Kevin also has distinguished academic credentials. He is the recipient of a Doctor of Juridical Science (Harvard) degree, as well as an MBA (Sydney), LLB (Hons) (UWA), and BJuris (Hons) (UWA).Kevin will take up the role of Group Executive and Chief Compliance Officer on 19 July 2010.
Eric Mayne is scheduled to leave the ASX Group in September 2010. Eric will be succeeded as chairman of the ASX Corporate Governance Council by Malcolm Starr, ASX’s Executive General Manager, Regulatory and Public Policy, on 1 July 2010.
ASX is working to August 2010 as the time when responsibility for the supervision of trading on ASX’s licensed financial markets will transfer to the Australian Securities and Investments Commission (ASIC). The final date will be determined by the Minister for Financial Services, Superannuation and Corporate Law. Twenty-four ASX staff have accepted positions at ASIC in conjunction with this transfer of responsibility.
ASX is retaining a subsidiary company to fulfill the obligations of each of the licensed entities in the ASX Group to monitor and enforce compliance with the relevant operating rules, including the listing rules. The name of this subsidiary will change to ASX Compliance Pty Limited from August 2010, as the existing name – ASX Markets Supervision Pty Limited – will no longer properly describe the subsidiary’s role within the ASX Group or ASX’s ongoing obligations.
Alan Cameron AM, a former chairman of ASIC, will remain chairman of the ASX Compliance subsidiary and, as is presently the case, only one director on the board of ASX Compliance will also be a director of ASX.