ASIC appoints new leaders to enforcement oversight group

The Australian Securities and Investments Commission (ASIC) has announced a series of changes to the composition of its Markets Disciplinary Panel (MDP), introducing new leadership and additional members.

New appointments to the Markets Disciplinary Panel

The MDP, which reviews alleged breaches of market integrity rules by market participants, will now be chaired by Victoria Weekes – who succeeds Simon Gray following his retirement after a lengthy tenure, including nine years as chair.

Weekes brings more than 30 years of experience in financial services and has served on the panel for 14 years, including a period as deputy chair. She also holds a directorship at Bendigo and Adelaide Bank.

Anthony Brittain, currently executive director and chief operating and financial officer at Euroz Hartleys, has been named deputy chair.

Three new members have joined the panel:

• Annette Spencer, general counsel at Barrenjoey Capital Partners
• Sebastien Bonvalet-Nicolle, previously head of listed derivatives and clearing for Asia-Pacific at Deutsche Bank
• Andrew Couper, head of markets compliance at Regal Partners and former head of compliance at Credit Suisse

ASIC acknowledged the service of outgoing members Simon Gray, Anne Brown, Ian Chambers, Geoff Louw, and Dan Ritchie.

Panel responsibilities and regulatory process

The MDP operates as an independent peer review body, assessing whether infringement notices should be issued for breaches of market integrity rules.

ASIC refers matters to the panel when an infringement notice is considered a suitable alternative to civil penalty proceedings.

The panel’s decisions are documented in the MDP Outcomes Register.

Infringement notices issued by the panel can include financial penalties of up to $4.95 million per violation, requirements for remedial action, sanctions, or enforceable undertakings.

The procedures and considerations guiding the panel’s work are outlined in ASIC’s Regulatory Guide 216.

ASIC commissioner Simone Constant acknowledged the recent changes, expressing appreciation for the newly appointed MDP members and extending congratulations to Weekes and Brittain in their new leadership roles.

She also recognised the outgoing members for their years of service and the impact of their contributions.

“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,” she said.