Daniel Crennan, a highly-regarded queen's counsel with extensive experience in handling cases relevant to ASIC’s responsibilities, has been nominated to become the corporate watchdog's second deputy chairperson.
Crennan brings to the new role 16 years of experience at the Victorian Bar, where he previously served on the Bar Council and was honorary treasurer at the Victorian Bar. He has also sat on the boards of several public companies and is currently the chairman of a children’s charity. Until recently, he was the director of Barristers' Chambers and the Law Council of Australia.
Kelly O’Dwyer, minister for Revenue and Financial Services, said the appointment of an additional ASIC commissioner with experience in enforcement “is an important step in enhancing ASIC’s enforcement capability and will send a strong signal to the market that this government will not tolerate corporate misbehaviour.”
“An additional deputy will also give ASIC’s leadership the flexibility to support the implementation and administration of their new powers and increased responsibilities resulting from recent and upcoming law changes,” and will “bring ASIC into line with the Australian Consumer and Competition Commission, as well as allow ASIC to engage more closely with its stakeholders,” O’Dwyer said.
Crennan's appointment is subject to the governor-general’s approval and Parliament's agreement to amend the ASIC Act to allow the appointment of up to two deputy chairpersons.
