The Australian Securities and Investments Commission (ASIC) will appoint two additional commissioners to cope with its expanded role, bringing the number of commissioners to five.

A recent strategic review found ASIC’s role has increased considerably since the establishment of its predecessor, the Australian Securities Commission, in 1991.

Corporate Law Minister Nick Sherry says the decision will strengthen the regulator’s law enforcement powers.

“The nature and complexity of the issues ASIC deals with requires added executive level involvement and input, as well as greater geographical reach into growth centres like Perth and Brisbane,” he said.

The appointments require no additional funding and recruitment is now under way.

ASIC has announced the departure of a number of key personnel in recent weeks, including Executive Director Enforcement Jan Redfern, Director of Enforcement Keith Inman, Executive Director Compliance Jennifer O’Donnell, and WA Regional Commissioner Angus Dale-Jones.