ASIC today announced the appointment of a new Chair, Deputy Chair, and three new members to the Markets Disciplinary Panel (MDP), and thanks five retiring members for their significant contribution.
The MDP is a peer review panel that determines, on ASIC's behalf, whether infringement notices should be issued for alleged breaches of the market integrity rules by market participants.
Its members bring extensive market and professional experience, with many holding senior roles within the industry.
This depth of expertise enables the panel to address matters efficiently and effectively.
Appointment of new Chair and Deputy Chair
Victoria Weekes has been appointed Chair of the MDP following the retirement of Simon Gray from the MDP after fifteen years of service, including nine as Chair.
Ms Weekes has over 30 years' executive experience in the financial services industry and has served as a member of the MDP for 14 years, including several years as Deputy Chair. She is also an Independent Director at Bendigo and Adelaide Bank.
Anthony Brittain, Executive Director and Chief Operating and Financial Officer of Euroz Hartleys, has been appointed Deputy Chair.
ASIC welcomes the following new members to the MDP:
- Annette Spencer (General Counsel at Barrenjoey Capital Partners)
- Sebastien Bonvalet-Nicolle (former Head of Listed Derivatives and Clearing for Asia Pacific at Deutsche Bank), and
- Andrew Couper (Head of Markets Compliance at Regal Partners and former Head of Compliance at Credit Suisse).
ASIC thanks the following retiring members for their dedicated service:
- Simon Gray
- Anne Brown
- Ian Chambers
- Geoff Louw, and
- Dan Ritchie.
ASIC Commissioner Simone Constant said, 'We welcome the new MDP members and congratulate Ms Weekes and Mr Brittain on their appointments as Chair and Deputy Chair.
'On behalf of ASIC, I extend our sincere thanks to the retiring members for their service and the significant contributions they have made.
'We are especially grateful to Simon Gray for his dedicated leadership and governance as Chair of the MDP over the last nine years.
'The MDP plays a vital role in ensuring fair and effective financial markets for all Australians.
'The considerable depth and breadth of expertise of the panel will ensure the continued success in upholding market integrity.'
Background
ASIC refers alleged contraventions of the market integrity rules by market participants to the MDP, where it is considered an infringement notice is the most appropriate regulatory response, as an alternative to civil penalty proceedings.
Sitting panels of the MDP then independently make decisions about whether a matter results in an infringement notice. Outcomes are recorded on the MDP Outcomes Register.
An infringement notice may specify one or more of the following:
- a financial penalty of up to $4.95 million per alleged contravention
- any remedial measures that the market participant must undertake
- sanctions that the market participant must accept, and/or
- the terms of an enforceable undertaking that the market participant must enter into.
Regulatory Guide 216 Markets Disciplinary Panel (RG 216) explains the disciplinary framework for the market integrity rules, the function of the MDP, and the policies that the MDP will take into account when making decisions about alleged contraventions of the market integrity rules.
ASIC established the MDP to make decisions about alleged contraventions of the market integrity rules when it took over responsibility for market supervision in August 2010.
