The Australian Securities and Investments Commission (ASIC) has announced that CEO Warren Day will join the Commonwealth Director of Public Prosecutions (CDPP) on secondment as the Director’s executive officer, effective 1 June 2024.
The regulator accepted a CDPP request for Day to join, which ASIC chair Joe Longo said recognised the contribution Day had made to ASIC as CEO, in particular, supporting its organisational transformation since 2021.
While the appointment is temporary, Day has informed ASIC that he would not return to the regulator following the conclusion of his CDPP secondment.
“Warren has been a significant contributor to ASIC for more than 20 years across virtually every part of ASIC’s remit. This is an opportunity for him to bring the skills and experience he has gained at ASIC to an agency we have a shared interest in supporting and seeing succeed,” Longo said.
“Warren leaves with our full support and his appointment underpins the critical institutional relationship ASIC holds with the CDPP, which is core to our enforcement work.”
Executive director of regulation and supervision Greg Yanco will take on the role of interim CEO effective 1 June 2024.
Yanco was previously executive director markets between January 2019 and June 2023 before commencing in his current role and has more than 30 years of experience in financial market development, regulation, and supervision.
The regulator said it would conduct a local and global search for a permanent CEO in early 2025, with Yanco having informed ASIC that he expects to retire in mid-2025.
Also retiring is Tim Mullaly, executive director of enforcement and compliance at ASIC, who will end his time at the regulator after more than 25 years.
Mullaly has held executive roles at ASIC for the last 12 years, leading the financial services enforcement team for 11 years and, for the last year, enforcement and compliance (E&C) team.
“Tim has for many years played a crucial role in ensuring that ASIC has maintained a strong and strategic pipeline of enforcement work. ASIC is in court every day, and we are launching new investigations every second day of the week, all aligned to the priorities we have set out,” Longo said.
Local and global searches for the executive director regulation and supervision and executive director enforcement and compliance roles will commence shortly, ASIC said.
“Filling these positions is an opportunity for executive renewal and ASIC’s ongoing transformation towards being a modern, ambitious and confident regulator. As the ongoing impact of our work continues to be realised, we also have opportunities for exceptional leaders to drive the next phase of ASIC’s transformation,” Longo said.
“I want to thank Warren and Tim for their significant contribution to ASIC over many years and thank Greg for stepping into the interim CEO role.”
Distraction, no one answered why their budget is so unfairly tilted to advice while scams and unlicensed advice skyrocket? Why are registered advisers who act in clients best interests get witchhunted and taxed to death? Funding unfairly, Asics litigation while they keep the proceeds? Change this and Australians will benefit. Don’t and it doesn’t matter who the rotten head of the fish is