Australian Securities and Investments Commission – Full-time Chairperson and Member and Deputy Chairperson and Member – Appointments 2021

Overview

The Australian Securities and Investments Commission – Full-time Chairperson and Member and Deputy Chairperson and Member – Appointments 2021 Instrument, enacted in 2021, serves to address the need for experienced and dedicated leadership within the Australian Securities and Investments Commission (ASIC). Authorised under subsection 9(2) and section 10 of the Australian Securities and Investments Commission Act 2001, this instrument was issued by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The primary policy objective of this legislation is to ensure that ASIC is headed by qualified individuals capable of effectively enforcing financial laws and regulations, protecting consumers, and maintaining market integrity. By appointing Joseph Longo as the full-time Chairperson and Member, and Sarah Court as the full-time Deputy Chairperson and Member, both for a period of five years beginning on 1 June 2021, the legislation aims to provide stability and experienced guidance to ASIC in its regulatory functions.

Scope and Application

The Australian Securities and Investments Commission – Full-time Chairperson and Member and Deputy Chairperson and Member – Appointments 2021 instrument, issued under the Australian Securities and Investments Commission Act 2001, appoints Joseph Longo as the full-time Chairperson and Member, and Sarah Court as the full-time Deputy Chairperson and Member of the Australian Securities and Investments Commission for a period of five years commencing 1 June 2021. This appointment applies to the individuals themselves and pertains to their roles and responsibilities within the Australian Securities and Investments Commission, a federal statutory authority responsible for enforcing Australia's corporate, financial services, consumer credit and financial markets laws. The appointments are made on a full-time basis and hold jurisdiction across the Commonwealth of Australia, impacting the regulatory and oversight functions of the Commission. The instrument does not specify any exclusions or exemptions, and the authority of the Act extends to the roles and responsibilities of these positions without limitation by subordinate instruments.

Key Provisions

The primary operative sections of the legislation F2021N00082 involve the appointments of Joseph Longo and Sarah Court to significant roles within the Australian Securities and Investments Commission (ASIC). Specifically, section (a) appoints Joseph Longo as the full-time Chairperson and Member of ASIC, and section (b) appoints Sarah Court as the full-time Deputy Chairperson and Member of ASIC. Both appointments are set to commence on 1 June 2021 and will last for a period of five years. This legislation is made under the authority of the Australian Securities and Investments Commission Act 2001, with the appointments being confirmed by the Governor-General, acting with the advice of the Federal Executive Council. In accordance with these appointments, Joseph Longo and Sarah Court are to assume their roles as full-time Chairperson and Deputy Chairperson, respectively, and are expected to fulfil the duties and responsibilities associated with these positions. Their roles are likely to involve overseeing and directing the activities of ASIC, ensuring compliance with financial regulations, and protecting the interests of consumers and investors. The appointments are subject to the provisions and requirements outlined in the Australian Securities and Investments Commission Act 2001, which governs the operations and administration of ASIC. The legislation imposes certain obligations on Joseph Longo and Sarah Court upon their appointments. As full-time Chairperson and Deputy Chairperson, they are required to dedicate their efforts to the duties and responsibilities of their respective roles. This includes participating in decision-making processes, ensuring the effective enforcement of financial laws, and maintaining transparency and accountability in the activities of ASIC. They are also expected to work collaboratively with other members of the ASIC board and staff to achieve the commission’s objectives. These obligations are intended to ensure that ASIC operates efficiently and effectively in fulfilling its mandate. Failure to adhere to the requirements and obligations set out in the Australian Securities and Investments Commission Act 2001 could result in various consequences, both civil and criminal. While the specific penalties for breaches are not detailed in the notifiable instrument itself, the Act generally provides for a range of sanctions that could be imposed. These may include fines, imprisonment, or other penalties as prescribed by the Act. The exact nature and severity of the penalties would depend on the specific circumstances of the breach and the relevant provisions of the Act. It is important for Joseph Longo and Sarah Court to be fully aware of their duties and to comply with all legal requirements to avoid any adverse consequences.