Peter Costello

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Australian Securities and Investments Commission Appointments



The outgoing Chairman, Mr David Knott, is taking leave prior to his resignation at the end of the year.

Under Mr Knott's leadership, ASIC has proven to be a highly effective regulator. He was appointed as ASIC Deputy Chair in July 1999 and as ASIC Chairman in November 2000, and his tenure has been characterised by a strong focus on enforcement. In the 2002-03 financial year, ASIC concluded 222 cases of litigation involving major criminal offences. This is the highest number since its inception. Yesterday Mr Knott announced a major breakthrough in ASIC's investigation into the collapse of HIH.

Mr Knott's commitment to the timely and vigorous enforcement of the Corporations Act has succeeded in better protecting Australian consumers and promoting best corporate practice amongst Australian business. On behalf of the Government I wish David Knott well for the future.

I have appointed Mr Jeffrey Lucy AM, currently Deputy Chairman of the Australian Securities and Investments Commission (ASIC) as Acting Chairman of ASIC with effect from 22 December 2003. Mr Lucy has been Deputy Chairman of ASIC since 24 February 2003 and was previously Chairman of the Financial Reporting Council.

The Commonwealth is required to consult State and Territory members of the Ministerial Council for Corporations regarding the long-term successor as Chairman of ASIC. The Commonwealth will recommend Mr Lucy for this position.

I have also appointed Mr Carlos Iglesias, currently ASIC's Executive Director of Infrastructure and Strategic Planning, as an acting member of the Commission.

17 December 2003

Contact: David Alexander
(02) 6277 7340


17 Dec 2003

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