James Shipton unveiled as new ASIC chair
ASIC’s new chair James Shipton will take over from outgoing chair Greg Medcraft from 1 February 2018 for a five-year period following a government announcement.
Today, Minister for Revenue and Financial Services Kelly O’Dwyer announced that James Shipton will be appointed as the full-time chair to the corporate regulator early next year.
Mr Peter Kell, the current deputy chair, will be the acting chair from the time Mr Medcraft’s term ends on 12 November 2017 to when Mr Shipton commences in February.
Mr Shipton is a lawyer currently leading a research centre at Havard Law School as the executive director of the Program on International Financial Systems.
From 2013 to 2016, Mr Shipton was the executive director, Intermediaries Supervision and Licensing Division at the Hong Kong Securities and Futures Commission.
Prior to that, he spent nine years at Goldman Sachs but started his professional career as a lawyer at Linklaters and Blake Dawson Waldron in Australia.
“Mr Shipton brings wide regulatory and financial market knowledge to the position, as well as international experience,” Ms O’Dwyer said.
“I look forward to Mr Shipton making a significant contribution to the important work of ASIC in promoting confidence in Australia’s financial system and protecting consumer interests as the incoming chair.
“I would also like to express my appreciation to Mr Greg Medcraft for his commitment over the past years to ASIC both as the Chair and as a member.”
Mr Shipton said it was a “great honour” to be nominated as the next chair, and was hoping to bring “best international practice” to ASIC.
“The challenges ahead for Australia’s financial system, and its regulators, are significant. In meeting those challenges, I very much hope to build upon the important work to date of the men and women of ASIC,” Mr Shipton said.
“I intend to ensure that ASIC will be a strong, proactive, efficient, innovative and strategic regulator that will utilise its many regulatory tools, including gatekeeping, supervising and enforcement.
“In order to do this, I will draw upon my years of experience in overseas markets – as a lawyer, as a market participant, as a regulator and now as an academic specialising in financial systems and regulation – to continue to bring best international practice to ASIC.”