Commissioner Armour to depart from ASIC

In his opening remarks to a Senate estimates committee on Wednesday (6 April), ASIC chair Joe Longo revealed it would be the last parliamentary hearing for one of his commissioners to appear at.

The regulator has told Mortgage Business that commissioner Cathie Armour is set to leave the organisation on 2 May.

Her position as a commissioner had been extended to 2 June 2022 by Treasury in 2017, following on from her initial appointment in 2013.

The economics legislation committee hearing on Wednesday (6 April) marked her 25th Senate estimates appearance.

“As a commissioner, Cathie has focused on ASIC’s markets work. In particular, she has worked to address broader market integrity issues, to support the continuation of well-functioning markets, as well as encouraging a smooth LIBOR transition and developing ASIC’s approach to climate-related risk,” Mr Longo told the committee.

“She has been a great colleague, mentor and friend to many ASIC and she’ll be truly missed. Cathie has a very high reputation in the market.”

Previous to ASIC, Ms Armour had been general counsel for Macquarie Capital and an executive director of Macquarie Group, advising on equity, debt and private capital markets, mergers and acquisitions, and financial investment transactions.

She has also held senior compliance and operational risk positions at Macquarie Capital and at JP Morgan in Australia.

She had also been a member of the ASX Tribunal.

Prior to that, she had worked in private legal practice, across firms King & Wood Mallesons and Allens in Sydney, and for Milbank, Tweed, Hadley & McCloy in New York.

Liberal Senator Paul Scarr, the chair of the Senate economics legislation committee, echoed Mr Longo on Ms Armour’s standing in the market, commenting he had previously known her “by reputation and significance” when he had been company secretary at ASX-listed gold and copper producer PanAust.

Speaking on her appearances before his parliamentary committees, Mr Scarr added: “I’ve just found your contribution to be thoughtful, articulate, well prepared, and no doubt there’s that underlying commitment to the public good, which has driven all of your endeavours at ASIC.

“Can you please accept my personal best wishes and I’m sure [from] everyone else on the committee, with respect to your future endeavors. And thank you for the contribution you’ve made.”

Earlier on Wednesday (6 April), Ms Armour had appeared at the Australian Financial Review’s Cryptocurrency Summit, where she reflected on the evolving space and the regulator’s guidance on crypto assets.

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