Post by : Badri Ariffin

The Australian Securities Exchange (ASX) welcomes Lucinda McCann as the new chief compliance officer, a pivotal appointment aimed at reinforcing governance and the risk management framework. Effective immediately, her role underscores ASX’s proactive stance in tackling ongoing regulatory challenges.

This decision follows heightened scrutiny of ASX's compliance measures, particularly after the corporate regulator initiated an investigation in June, prompted by concerns from the central bank regarding governance issues. Additionally, ASX has grappled with operational hurdles, notably a significant trading settlement delay anticipated in 2024.

ASX Chair David Clarke asserted the importance of the exchange's multi-year transformation initiative, stating that it “cannot fail.” He stressed the urgency of upgrading technology systems and boosting operational resilience to regain market confidence and mitigate future disruptions.

Lucinda McCann comes to ASX with an extensive legal and regulatory background spanning over 25 years. Previously a partner at international law firm Norton Rose Fulbright, she has also served as chief general counsel at the Australian Prudential Regulation Authority. She takes over from Daniel Moran, who departed in July after a 15-year tenure at ASX.

McCann’s appointment is viewed as a strategic measure to bolster ASX's compliance culture and keep the transformation initiative on track, in light of growing expectations from regulators, investors, and market stakeholders.

#Global News #Share Market