ASIC commissioner Sean Hughes steps down from role

Australian Securities & Investments Commission (ASIC) commissioner Sean Hughes will depart the corporate watchdog next month.

Hughes has held previous senior positions with ASIC, including as senior executive leader for corporate governance and corporations from 2008 to 2010. From 1999 to 2003, he held several senior executive roles, including as director of financial services regulation.

Hughes was due to end his five-year term as the ASIC commissioner on December 1, 2023. However, he will leave on February 3, 2023, to take on a new role in the commercial sector.

“We are grateful for the contribution Sean has made to ASIC in his role as commissioner, and [we] wish him well in the next stage of his career,” said ASIC chair Joe Longo.

The Treasurer will determine the new ASIC commissioner. The current commissioner will continue to work via a whole-of-ASIC approach, with current members chair Longo, deputy chairs Sarah Court and Karen Chester, and commissioner Danielle Press – working with the chief operating officer and the executive team.

ASIC’s strategic priorities for 2022-26

Despite bidding farewell to its current commissioner, ASIC remains focused on implementing its corporate plan for 2022-26, covering:

Product design and distribution;
Sustainable finance;
Retirement decision-making; and
Technology risks.

“We remain alert to changes and developments in our operating and regulatory environment, and we will continue to make rapid, strategic decisions to adapt where needed. When we do so, it will be transparent,” Longo said in a previous statement.