The Australian Securities and Investments Commission (ASIC) will split the roles of departing Executive Director of Financial Services Regulation Ian Johnston, with the lion’s share of his work going to Jennifer O’Donnell, who is at present NSW Regional Commissioner.

Ms O’Donnell’s appointment as Executive Director of Compliance comes only a week after news that Mr Johnston is leaving the regulator at the end of the month to work for Hong Kong’s Securities and Futures Commission.

Ms O’Donnell was previously a Deputy Executive Director at ASIC. She joined the then Australian Securities Commission in 1991.

Malcolm Rodgers, Executive Director, Policy and Markets Regulation, will become Executive Director of Regulation, with responsibility for financial services licensing, policy, markets, corporate finance and research and analysis.

An ASIC spokesman told Sunrise Exchange News Ms O’Donnell will essentially act as Mr Johnston’s replacement, “despite a slight change in role title and job description”.

Her responsibilities include ASIC’s surveillance and campaign activities, including FSR compliance, financial reporting and corporate disclosure.

ASIC Chairman Jeff Lucy says Mr Johnston’s departure gave the regulator the opportunity to “rearrange its activities on functional rather than industry lines”.

“This will help achieve best practice outcomes in all of its regulatory and compliance activities.

“Jennifer brings outstanding skills, broad experience and an intimate knowledge of ASIC to her new role. We are extremely fortunate to have someone of the calibre of Jennifer to take on this important function,” he said.