Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022

Administered by Department of the Treasury

Legislation au F2022N00020 In force Notifiable Instrument

Legislation content

 

Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022

made under the Australian Securities and Investments Commission Act 2001

Compilation No. 1

Compilation date: 7 December 2024

Includes amendments: Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by The Treasury

About this compilation

       

This compilation

This is a compilation of the Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022 that shows the text of the law as amended and in force on 7 December 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

Part 1—Preliminary

1  Name 

3  Authority

4  Definitions

Part 2—Financial Services and Credit Panels

5  Persons eligible for appointment to a Financial Services and Credit Panel

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

 

Part 1—Preliminary

 

1  Name

  This instrument is the Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022.

3  Authority

  This instrument is made under the Australian Securities and Investments Commission Act 2001.

4  Definitions

Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Australian Securities and Investments Commission Act 2001 as in force from time to time.

  In this instrument:

the Act means the Australian Securities and Investments Commission Act 2001.

Part 2—Financial Services and Credit Panels

 

5  Persons eligible for appointment to a Financial Services and Credit Panel

  Under subsection 141(1) of the Act, each person specified in an item in the following table is determined to be eligible to be appointed to Financial Services and Credit Panels during the period specified in the item:

 

Item

Persons eligible to be appointed to Financial Services and Credit Panels

Period in which the person is eligible to be appointed to Financial Services and Credit Panels

5

Ms Shabnam Amirbeaggi

1 January 2022 to 31 December 2027

10

Ms Debra Anderson

1 January 2022 to 31 December 2027

15

Ms Julie‑Anne Berry

1 January 2022 to 31 December 2027

20

Ms Gabrielle Bouffler

1 January 2022 to 31 December 2027

25

Ms Kathryn Brown

1 January 2022 to 31 December 2027

30

Ms Donna Caird

1 January 2022 to 31 December 2027

35

Mr Ian Chambers

1 January 2022 to 31 December 2024

40

Mr James Cotis

1 January 2022 to 31 December 2027

45

Mr Donald Crellin

1 January 2022 to 31 December 2027

50

Mr Gary Croker

1 January 2022 to 31 December 2024

55

Mr Bruce Debenham

1 January 2022 to 31 December 2027

60

Mr Hamish Dee

1 January 2022 to 31 December 2027

65

Mr Gary Deegan

1 January 2022 to 31 December 2024

70

Dr Jennifer Diggle

1 January 2022 to 31 December 2027

75

Mr Bradley Fox

1 January 2022 to 31 December 2027

80

Mr David Giovanelli

1 January 2022 to 31 December 2027

85

Mr William Hamilton

1 January 2022 to 31 December 2027

90

Ms Katherine Hayes

1 January 2022 to 31 December 2027

95

Mr Nicholas Hilton

1 January 2022 to 31 December 2024

100

Mr Ross Illingworth

1 January 2022 to 31 December 2027

105

Mr Chris MacEachern

1 January 2022 to 31 December 2027

110

Mr David Murray

1 January 2022 to 31 December 2024

115

Ms Melissa Nolan

1 January 2022 to 31 December 2027

120

Mr Peter Richards

1 January 2022 to 31 December 2027

125

Ms Samantha Robinson

1 January 2022 to 31 December 2027

130

Mr Kevin Smith

1 January 2022 to 31 December 2027

135

Mr Craig Stephens

1 January 2022 to 31 December 2024

140

Ms Judith Sullivan

1 January 2022 to 31 December 2024

145

Mr Gary Toomey

1 January 2022 to 31 December 2027

150

Ms Lauren Walker

1 January 2022 to 31 December 2027

155

Mr Matthew Wigzell

1 January 2022 to 31 December 2027

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

 

ad = added or inserted

orig = original

am = amended

par = paragraph(s)/subparagraph(s)

amdt = amendment

/sub‑subparagraph(s)

c = clause(s)

pres = present

C[x] = Compilation No. x

prev = previous

Ch = Chapter(s)

(prev…) = previously

def = definition(s)

Pt = Part(s)

Dict = Dictionary

r = regulation(s)/rule(s)

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

effect

rs = repealed and substituted

F = Federal Register of Legislation

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LA = Legislation Act 2003

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

o = order(s)

commenced or to be commenced

Ord = Ordinance

 

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022

11 February 2022

(F2022N00020)

12 February 2022

—

Australian Securities and Investments Commission (Financial Services and Credit Panels) Amendment Determination 2024

6 December 2024

(F2024N01128)

7 December 2024

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

section 2

rep s48D LA

section 5

am F2024N01128

 

Overview

The Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022 was enacted to address the need for qualified individuals to serve on Financial Services and Credit Panels under the Australian Securities and Investments Commission Act 2001. This determination was made by the Australian Securities and Investments Commission (ASIC) to ensure that the panels are composed of individuals with the necessary expertise in financial services and credit to effectively perform their functions. The primary objective of this determination is to specify the eligibility criteria for individuals appointed to these panels, thereby ensuring that the panels can carry out their roles with the requisite skill and impartiality. This determination was issued under the authority granted to ASIC by the Australian Securities and Investments Commission Act 2001, which aims to enhance the regulation and oversight of financial services and credit markets in Australia.

Scope and Application

The Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022, as amended, is made under the Australian Securities and Investments Commission Act 2001 and governs the eligibility of individuals to be appointed to the Financial Services and Credit Panels. This determination applies to specific individuals who are eligible for appointment during the periods specified for each person, ranging from 1 January 2022 to 31 December 2027, with certain exceptions where the appointment period ends earlier, such as 31 December 2024. The geographic and jurisdictional reach of this determination is national, as it is made by the Australian Securities and Investments Commission, a Commonwealth body. The determination does not explicitly state any exclusions or exemptions but outlines specific eligibility periods for each individual. The application of this determination may be further extended or restricted through subordinate instruments, although this determination itself does not provide specific details on such extensions or restrictions.

Key Provisions

The Australian Securities and Investments Commission (Financial Services and Credit Panels) Determination 2022 sets out the individuals eligible for appointment to the Financial Services and Credit Panels, in accordance with subsection 141(1) of the Australian Securities and Investments Commission Act 2001 (the Act). This determination identifies the specific persons who are eligible to serve on these panels for specified periods, ranging from 1 January 2022 to 31 December 2027 for most appointees, and shorter terms for certain others, such as Mr Ian Chambers, Mr Gary Deegan, Mr David Murray, and Ms Judith Sullivan, who are appointed until 31 December 2024. The determination provides clarity on the eligibility and appointment duration of each panel member, ensuring a structured and transparent process for the selection of qualified individuals to these significant roles. The obligations imposed by this determination on the parties involved primarily concern the eligibility criteria for the appointment of individuals to the Financial Services and Credit Panels. It is the responsibility of the Australian Securities and Investments Commission (ASIC) to ensure that only those individuals specified in the determination are considered for appointment. This requirement ensures that the panels are composed of individuals who meet the statutory criteria for eligibility, thereby maintaining the integrity and effectiveness of the panels. Additionally, it is the responsibility of the eligible individuals themselves to ensure that they meet all the criteria set out in the Act and the determination, and to be available for appointment during their specified eligibility period. Breach of the provisions of this determination could lead to various civil or criminal consequences under the Act. The Act provides for a range of offences and penalties for non-compliance with its provisions, including fines and imprisonment. For example, under section 1301 of the Act, a person who contravenes a civil penalty provision is liable to a pecuniary penalty not exceeding the greater of three times the penalty units applicable under section 4AA of the Commonwealth Penalties Code, or the amount of the benefit, if any, that the person gained or intended to gain from the contravention. Additionally, under section 1317 of the Act, a person who commits an offence against the Act is liable to imprisonment for a term not exceeding 5 years, or a fine not exceeding 500 penalty units, or both. These provisions underscore the seriousness with which the Act treats non-compliance and the importance of adhering to the eligibility criteria for panel appointments.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Determination
Concepts
Definitions & Interpretation
Persons eligible for appointment
Period of appointment

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.