O’Donnell replaces Ian Johnston, who has joined the Hong Kong Securities and Futures Commission. O’Donnell was previously a deputy executive director at ASIC and is also the ASIC NSW commissioner. She will be responsible for financial services regulatory compliance, financial reporting and corporate disclosure. Responsibility for financial services licensing, policy, markets, corporate finance, research and analysis will fall to Malcolm Rogers, executive director of regulation.

“The commission has taken this opportunity to rearrange its activities on functional rather than industry lines. This will help achieve best practice outcomes in all of its regulatory and compliance activities”, said Jeffrey Lucy, ASIC chairman.

“Jennifer brings outstanding skills, broad experience and an intimate knowledge of ASIC to her new role. We are extremely fortunate to have someone of the calibre of Jennifer to take on this important function.”

Johnston was credited as being a guiding hand in difficult times at ASIC. He gained popularity in business circles for his willingness to remain flexible during teething stages of legislation and for driving ASIC to accept comments from industry. Johnston was instrumental in the transition of the financial services sector through the Financial Services Reform Act.

“On behalf of the Commission, I wish to congratulate Ian on his appointment and to thank him for his contribution to ASIC and financial services regulation in Australia,” said Lucy.

“This appointment is recognition of the high calibre of ASIC staff and the strong regard in which ASIC is held internationally. It will further cement the close relationship between ASIC and its Hong Kong counterpart.”

Stuart Fagg is the Editor of Risk Management magazine, Lawyers Weekly’s sister publication.