Gay picked to head new ASIC panel

The Australian Securities and Investments Commission (ASIC) has appointed former general counsel of Goldman Sachs JB Were, Lisa Gay, as chairperson of the new Markets Supervision Advisory Panel.

Gay has 20 years experience in the broking industry and was appointed general counsel of JB Were in 1992. Currently on long service leave, Gay will return to JB Were as advisory director – policy and regulation later in the year.

ASIC is setting up the panel as part of the regulatory infrastructure for the supervision of real-time trading on Australia’s domestic licensed financial markets. The panel will function as a peer review body and has been established to deal with breaches of the Market Integrity Rules, which came into effect on 1 August. The panel will exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of the rules.

Other members of the panel include Ian Chambers, head of Australian equities, Morgan Stanley Australia; Leigh Conder, general manager, financial markets operations and equities and margin lending operations, Commonwealth Bank; Geoffrey Louw, head of futures and forex, Bell Potter Securities, and other senior members of the finance and securities industry.

As panel members are currently employed in the industry they will be asked to sit out a case if they have a conflict of interest and additional individuals will be appointed to the panel if needed. All panel members are also members of the ASX Disciplinary Tribunal.

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