NO.110

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION APPOINTMENTS

The outgoing Chairman, Mr David Knott, is taking leave prior to his resignation

at the end of the year.

Under Mr Knott’s leadership, ASIC has proven to

be a highly effective regulator. He was appointed as ASIC Deputy Chair in July

1999 and as ASIC Chairman in November 2000, and his tenure has been characterised

by a strong focus on enforcement. In the 2002-03 financial year, ASIC concluded

222 cases of litigation involving major criminal offences. This is the highest

number since its inception. Yesterday Mr Knott announced a major breakthrough

in ASIC’s investigation into the collapse of HIH.

Mr Knott’s commitment to the timely and vigorous enforcement of the Corporations

Act has succeeded in better protecting Australian consumers and promoting best

corporate practice amongst Australian business. On behalf of the Government

I wish David Knott well for the future.

I have appointed Mr Jeffrey Lucy AM, currently Deputy Chairman of

the Australian Securities and Investments Commission (ASIC) as Acting Chairman

of ASIC with effect from 22 December 2003. Mr Lucy has been Deputy

Chairman of ASIC since 24 February 2003 and was previously Chairman

of the Financial Reporting Council.

The Commonwealth is required to consult State and Territory members of the

Ministerial Council for Corporations regarding the long-term successor as Chairman

of ASIC. The Commonwealth will recommend Mr Lucy for this position.

I have also appointed Mr Carlos Iglesias, currently ASIC’s Executive Director

of Infrastructure and Strategic Planning, as an acting member of the Commission.

MELBOURNE

17 December 2003

Contact: David Alexander

(02) 6277 7340