In a continued reshuffle of the executive leadership team following the departure of CEO Warren Day in June, the Australian Securities and Investments Commission (ASIC) has made further changes to its regulatory and enforcement divisions.
Peter Soros has been appointed executive director of regulation and supervision, effective November. He joins from financial intelligence, AML and counter-terrorism financing regulator the Australian Transaction Reports and Analysis Centre (AUSTRAC), where he is deputy CEO of regulation.
Savundra replaces Jane Eccleston, who has been acting executive director of the division since Greg Yanco was made interim CEO in June.
Alongside Soros, Chris Savundra has been named executive director of enforcement and compliance, beginning 28 October. He replaces Tim Mullaly, who left the role in July.
On the appointments, Joe Longo, ASIC chair, said: ‘We continue to change and evolve so we can ensure ASIC is an ambitious, confident and modern regulator. The cumulative effect of these changes will help ensure ASIC is set up to meet the challenges and opportunities the agency faces.”
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In the first half of 2024, ASIC recorded 140 ongoing investigations and began a further 63. Its operations led to four imprisonments, six custodial sentences and three non-custodial sentences, the commencement of 12 civil proceedings and the imposition of US$32.2 million in civil penalties. These figures were reduced compared to those in 2023 and the second half of 2022.
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“The work we have undertaken on ASIC’s transformation is delivering positive results for Australians, and we acknowledge that there are opportunities to continue that improvement,” Longo commented. “I am excited by the agency’s future and I am committed to the renewal and culture transformation that we are undergoing.”
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