Australian Securities and Investments Commission Amendment (Standing Acting Arrangements) Appointment 2026
I, Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury, make the following appointments.
Dated 25 May 2026
Dr Andrew Leigh
Assistant Minister for Productivity, Competition, Charities and Treasury
Parliamentary Secretary to the Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Australian Securities and Investments Commission (Standing Acting Arrangements) Appointment 2022
1 Name
This instrument is the Australian Securities and Investments Commission Amendment (Standing Acting Arrangements) Appointment 2026.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The later of: (a) the day after this instrument is registered; and (b) 1 June 2026. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Australian Securities and Investments Commission Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Australian Securities and Investments Commission (Standing Acting Arrangements) Appointment 2022
1 Subsection 6(1)
Omit “(3) and (4)”, substitute “(3), (4) and (5)”.
2 Subsections 6(2), (3) and (4)
Repeal the subsections, substitute:
(2) For the purposes of this instrument, a senior available appointee at a particular time is a person who, at that time, satisfies all of the following:
(a) is a member of ASIC;
(b) is not absent from office or from Australia;
(c) has advised that they are available to act for the Chairperson;
(d) is one of the following persons:
(i) Simone Constant;
(ii) Alan Kirkland;
(iii) Katherine O’Rourke.
(3) At the start of each period when the office of the Chairperson is vacant or the Chairperson is absent from office or from Australia, the senior available appointee who has had the greatest number of days since they last acted as Chairperson, is to act as Chairperson during that period.
(4) However, if a person who is acting as Chairperson during a period (under subsection (3) or a previous application of this subsection) ceases at a particular time to be a senior available appointee, the senior available appointee who has had the greatest number of days since they last acted as Chairperson at that time is to act as Chairperson during the remainder of that period.
(5) In determining who has had the greatest number of days since they last acted as Chairperson under subsections (3) and (4):
(a) in relation to a senior available appointee who has not previously acted as Chairperson—use instead the number of days since the senior available appointee became a member of ASIC;
(b) in relation to where 2 or more senior available appointees have an equal number of days—assume the person highest in the list in paragraph (2)(d) has had the greatest number of days.
3 Subsection 6(5)
Omit “(5)”, substitute “(6)”.
Overview
The Australian Securities and Investments Commission Amendment (Standing Acting Arrangements) Appointment 2026 is a notifiable instrument enacted to address the need for clearer standing acting arrangements within the Australian Securities and Investments Commission (ASIC). This instrument was made under the authority of the Australian Securities and Investments Commission Act 2001. The policy objective of this appointment is to ensure that there are well-defined procedures for the acting role of Chairperson in the absence of the substantive holder of the office, thereby maintaining operational continuity and regulatory oversight within ASIC. The instrument specifies that the whole of its provisions commence on the later of the day after its registration or 1 June 2026, ensuring a smooth transition into the new arrangements. This legislative update refines the criteria for senior available appointees and establishes a more structured process for determining who acts as Chairperson in the interim, aiming to enhance the efficiency and stability of ASIC's leadership.
Scope and Application
The Australian Securities and Investments Commission Amendment (Standing Acting Arrangements) Appointment 2026 applies to the Australian Securities and Investments Commission (ASIC), specifically to the appointment of acting Chairpersons under certain circumstances. The legislation amends the existing Australian Securities and Investments Commission (Standing Acting Arrangements) Appointment 2022, adjusting the criteria and process for the appointment of acting Chairpersons. This appointment mechanism is applicable when the office of the Chairperson is vacant, or the Chairperson is absent from office or from Australia. The named individuals eligible to act as Chairperson are Simone Constant, Alan Kirkland, and Katherine O’Rourke, who must meet specific conditions such as being a member of ASIC, being available to act, and not being absent from office or from Australia. The Act ensures that the person with the greatest number of days since they last acted as Chairperson will assume the role, with certain tie-breaking rules applied if multiple individuals have equal periods. The instrument is enacted under the Australian Securities and Investments Commission Act 2001 and comes into effect on the later of the day after it is registered and 1 June 2026. This Act applies nationally across Australia, with no specific exclusions mentioned in the provided excerpt.
Key Provisions
The Australian Securities and Investments Commission Amendment (Standing Acting Arrangements) Appointment 2026 (referred to as the 2026 Appointment) amends the Australian Securities and Investments Commission (Standing Acting Arrangements) Appointment 2022. Section 1 of the 2026 Appointment specifies that it is named as such and provides the legal authority under the Australian Securities and Investments Commission Act 2001 for these amendments. Section 2 details the commencement of the instrument, stating that it will commence on the later of the day after it is registered or 1 June 2026.
The primary operative sections of the 2026 Appointment modify the 2022 Appointment by expanding the pool of senior available appointees who can act as Chairperson of the Australian Securities and Investments Commission (ASIC) when the office of the Chairperson is vacant or the Chairperson is absent from office or from Australia. Section 1 of Schedule 1 amends subsection 6(1) to include the new appointee, Katherine O’Rourke, in the list of eligible individuals who can act as Chairperson. Section 2 repeals subsections 6(2), (3) and (4) and substitutes them with a new definition of a senior available appointee and new provisions for acting as Chairperson. These changes ensure that the person who has been absent from acting as Chairperson for the longest period of time will act as Chairperson during any vacancy or absence, subject to certain conditions.
The 2026 Appointment imposes specific obligations and requirements on the parties it governs. Under the new provisions, ASIC must ensure that the list of senior available appointees includes the most recent appointee, Katherine O’Rourke, and that these appointees are aware of their potential roles in acting as Chairperson. Additionally, the appointee who has had the greatest number of days since they last acted as Chairperson must be identified and appointed during any vacancy or absence of the Chairperson. These obligations ensure a smooth transition of leadership within ASIC and maintain operational continuity.
The 2026 Appointment does not explicitly state any offences, penalties, or consequences for breaches. However, any failure to comply with the amended standing acting arrangements could potentially lead to legal challenges or disputes regarding the validity of actions taken by an acting Chairperson. Such breaches might result in civil or administrative consequences if the appointed acting Chairperson acts beyond their authority or fails to adhere to the stipulated conditions. It is important for ASIC to adhere to the provisions to avoid any legal complications or disputes over the legitimacy of decisions made during a vacancy or absence of the Chairperson.