Jeff Lucy’s three-year term as Chairman of the Australian Securities and Investments Commission (ASIC) has drawn to a close, and Commissioner Tony D’Aloisio will take over later this month.

Federal Treasurer Peter Costello last week named Mr D’Aloisio as Mr Lucy’s successor. Mr Lucy, an accountant and the first non-lawyer to head ASIC, did not seek a second full term and has been appointed as a commissioner on a two-year term.

Mr D’Aloisio, a lawyer, was one of two contenders for the chair, along with 46-year-old corporate lawyer Jeremy Cooper. Mr Cooper is due to finish his five-year term as Deputy Chairman in July 2009.

Mr D’Aloisio has extensive public and private sector experience, spending more than 30 years in business policy and regulation, including a period as MD and CEO of the Australian Stock Exchange.