Kelly O’Dwyer, Minister for Revenue and Financial Services, issued a statement last week that said the Victorian barrister had been picked to fill the role of second ASIC deputy chairperson.

The minster indicated that Mr Crennan had been chosen for his experience in enforcement.

“Enforcement is a core duty for ASIC and is essential to ensuring trust in financial markets,” Ms O’Dwyer said.

“This 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.”

The statement said that Mr Crennan’s appointment is conditional, both subject to approval from the Governor-General and the passage of amendments to the ASIC Act, which allows Peter Cosgrove to appoint “up to two persons to ASIC”.

A bill to give the GG the power to appoint a second chairperson was introduced in Parliament last Wednesday.

Ms O’Dwyer said that the change would give flexibility to the ASIC leadership “to support the implementation and administration of their new powers and increased responsibilities resulting from recent and upcoming law changes”.

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“It will also bring ASIC into line with the Australian Consumer and Competition Commission, as well as allow ASIC to engage more closely with its stakeholders and assist it to better communicate its role, its priorities and how its resources are allocated,” Ms O’Dwyer added.

Mr Crennan was described by the government as someone with extensive experience in handling matters relevant to the responsibilities of the commission. He has appeared for ASIC in a number of commercial cases and, until recently, was the director of Barristers’ Chambers Ltd and the Law Council of Australia.

Mr Crennan joined the bar in 2002 and took silk in 2016. He is the son of former High Court Justice Susan Crennan QC.

Mr Crennan has previously served as Honorary Treasurer of the Victorian Bar Council and has sat on the boards of several public companies.