Two major appointments to vital regulatory bodies have been announced by the Federal Government in the past week.

Greg Medcraft is its choice for chairman of the Australian Securities and Investments Commission (ASIC) for the next five years, while Rod Sims has been put forward as the next chairman of the Australian Competition and Consumer Commission (ACCC). Both are expected to start in their new roles on August 1.

Mr Medcraft will replace Tony D’Aloisio, with the appointment awaiting formal approval by the Governor-General.

Mr Medcraft joined ASIC as a commissioner in February 2009, taking responsibility for the oversight of investment banking, investment managers, super funds and financial advisers.

Previously he spent nearly 30 years at Société Générale in Australia, Asia, Europe and the Americas, co-founded the American Securitisation Forum in 2002 and served as CEO of the Australian Securitisation Forum.

Treasurer Wayne Swan says that Mr Medcraft’s appointment “will provide the continuity and experience our corporate regulator needs as it works with the Government to implement global financial market reforms to build a more secure and competitive financial system in Australia”.

Mr Sims, who will also be appointed for a five-year term, is a director of Port Jackson Partners Limited, advising businesses on mergers and infrastructure access issues. He is also an adviser to the Business Council of Australia on a range of public policy issues.

He is also chairman of the NSW Independent Pricing and Regulatory Tribunal, a National Competition Council councillor, expert adviser to the Prime Minister's Multi-Party Climate Change Committee and a member of the research and policy council of the Committee for the Economic Development of Australia.

Mr Sims previously worked in a number of government positions including as deputy secretary in the Department of Prime Minister and Cabinet.