Regulatory Body Appointments Will Steer a Steady Ship

The BCA welcomes the federal government’s nominations of new chairmen for the important regulatory bodies, the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC).

“The nominations will give business and the community confidence in the continuing good management of institutions which have served Australia so well, particularly through the global financial crisis,” BCA President Graham Bradley said.

“Consistent and transparent applications of regulations and laws for doing business are critical for the efficient operation of our economy. We therefore welcome the government starting the process to fill these key senior roles.

“We urge the states and territories to support the nomination of Rod Sims to become the next Chairman of the ACCC, which requires their majority support,” Mr Bradley said.

“Mr Sims’ commercial experience, his deep understanding of competition issues and his strong track record in advising business and government on a range of policies gives him an ideal background for the important role he will be undertaking.

“We also welcome the recommendation to appoint Greg Medcraft as Chairman of ASIC. Mr Medcraft’s current work with the commission will stand him in good stead to take up the leadership position.

“Mr Medcraft’s international experience will be particularly valuable at this time in working with the government on global financial market reforms that maintain a secure and competitive financial system in Australia,” he said.