On 17 October 2024, the Australian Securities and Investments Commission (ASIC) has continued its significant transformation efforts and announced appointments to its senior executive leadership team. These appointments are said to be the ASIC’s largest organisational redesign in 15 years, which is aimed at enhancing the agency’s regulatory capabilities and improving its operational agility in a rapidly evolving financial landscape.
Peter Soros has been appointed as the Executive Director of Regulation and Supervision. Soros, who will begin his role in November, joins ASIC from AUSTRAC, Australia’s financial intelligence and anti-money laundering regulator, where he has served as Deputy CEO for six years and briefly as Acting CEO. With over 20 years of experience in financial intelligence, regulation, and compliance, Soros will bring extensive expertise in overseeing regulatory operations. His role at ASIC will be crucial in shaping and overseeing supervision strategies as the regulator continues to confront new challenges in financial regulation.
Chris Savundra has been named the Executive Director of Enforcement and Compliance, effective 28 October 2024. Savundra, who currently holds the position of General Counsel and Executive Director of Legal Services at ASIC, has led some of ASIC’s most significant and complex legal battles, including the high-profile Bank Bill Swap Rate litigation. With more than 25 years of legal experience, Savundra is expected to apply his extensive litigation and enforcement knowledge in leading ASIC’s response to regulatory misconduct. Recruitment is already underway for his replacement as General Counsel.
Earlier in the year, ASIC appointed new executives including Diana Steicke as Executive Director of Registry and Intelligence, Joanne Harper as Executive Director of Data, Digital and Technology, and Annie Reeves as Chief People and Culture Transformation Officer. With seasoned professionals like Soros and Savundra at the helm, ASIC is likely to take a more focused and strategic approach to its regulatory supervision and enforcement activities, especially in areas like anti-money laundering, financial crime prevention, and misconduct across various sectors. ASIC Chair Joe Longo expressed optimism about the future, stating that the cumulative effect of these leadership changes would help the agency better address the challenges and opportunities ahead. The ongoing transformation, according to Longo, is already delivering positive results for Australians, and these appointments are expected to further strengthen ASIC’s ability to meet its regulatory responsibilities in a changing financial environment.
