Australian Securities and Investments Commission – Member and Chairperson – Appointment (No. 1) 2026

Overview

The Australian Securities and Investments Commission – Member and Chairperson – Appointment (No. 1) 2026I is a notifiable instrument enacted in 2026 by the Honourable Sam Mostyn AC, Governor-General of the Commonwealth of Australia, on the advice of the Federal Executive Council. This instrument appoints Sarah Court as a full-time member and Chairperson of the Australian Securities and Investments Commission for a five-year term starting on 1 June 2026, under subsections 9(2) and 10(1) of the Australian Securities and Investments Commission Act 2001. This appointment aims to address the need for experienced leadership within the Australian Securities and Investments Commission, ensuring effective oversight and regulation of financial markets and consumer protection. The policy objective is to maintain the integrity and efficiency of Australia's financial system by providing skilled and dedicated leadership to the Commission.

Scope and Application

The legislation appoints Sarah Court as a member and Chairperson of the Australian Securities and Investments Commission (ASIC) on a full-time basis for a period of five years from 1 June 2026. This appointment is made under the authority of the Australian Securities and Investments Commission Act 2001, specifically under subsections 9(2) and 10(1). The role of the Chairperson and the members of ASIC is pivotal in overseeing and regulating financial markets, ensuring compliance with securities and consumer protection laws, and enforcing financial services legislation. The appointment pertains directly to the individual named, Sarah Court, and applies to her role and responsibilities within ASIC. The geographic and jurisdictional reach of this Act is national, as ASIC operates under the Commonwealth to regulate and supervise financial markets and entities across Australia. The legislation does not explicitly state any exclusions, exemptions, or thresholds regarding the application of the appointment; however, the scope of ASIC's regulatory powers and responsibilities is inherently broad and covers a wide range of industries and conduct within the financial sector. Any further application or restrictions of this appointment would be determined through subordinate instruments as required.

Key Provisions

The main operative sections of this notifiable instrument (F2026N00093) establish the appointment of Sarah Court as a member and Chairperson of the Australian Securities and Investments Commission (ASIC) under the Australian Securities and Investments Commission Act 2001 (section 9(2) and 10(1)). This appointment is set to commence on 1 June 2026 and will be for a full-time role lasting five years. The appointment is made by the Honourable Sam Mostyn AC, Governor-General of the Commonwealth of Australia, acting on the advice of the Federal Executive Council. This notifiable instrument provides the formal authority and parameters for Sarah Court's role, ensuring compliance with the legislative framework governing ASIC. The Act imposes several obligations on Sarah Court in her capacity as a member and Chairperson of ASIC. These include ensuring that ASIC operates effectively and efficiently, overseeing the enforcement of financial laws, and promoting transparency and fairness in the financial markets. As Chairperson, Sarah Court must lead the commission in fulfilling its statutory duties, including the supervision of financial services, markets, and consumer protection. This role requires her to work collaboratively with other members and staff to implement policies, conduct investigations, and issue rulings that align with the objectives of the Australian Securities and Investments Commission Act 2001. Failure to adhere to the obligations and duties outlined in the Act may result in various consequences. The Act includes provisions for disciplinary actions, removal from office, and potential legal proceedings against individuals who do not comply with their roles. While the notifiable instrument itself does not specify the exact penalties for non-compliance, breaches of the Act could lead to civil or criminal penalties as defined in other sections of the legislation. For instance, if Sarah Court or other ASIC members are found to be negligent or acting outside their authority, they could face fines, imprisonment, or both, depending on the severity of the breach. These penalties are meant to ensure that the integrity and effectiveness of ASIC are maintained. In summary, the notifiable instrument appoints Sarah Court as a member and Chairperson of ASIC, outlining her role, term, and responsibilities. It underscores the importance of her duties in ensuring the proper functioning of financial regulation in Australia. While the specific penalties for non-compliance are not detailed in this instrument, they are subject to the broader provisions of the Australian Securities and Investments Commission Act 2001, which include both civil and criminal consequences to maintain the accountability and effectiveness of ASIC.