Minister for Revenue and Financial Services Kelly O’Dwyer has announced members and terms of reference for the Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce.

The taskforce will assess the suitability of regulatory tools available to ASIC, and consider whether they need strengthening.

It is led by a core panel chaired by Treasury and including ASIC, the Attorney-General’s Department (AGD) and the office of the Commonwealth Director of Public Prosecutions (CDPP).

Representatives will include:

• Kate Mills, Principal Adviser in Treasury’s Financial System Division
• Tim Mullaly, Senior Executive Leader, Financial Services Enforcement at ASIC
• Brooke Hartigan, AGD Criminal Law Section Director
• Shane Kirne, CDPP Deputy Director.

An export group to support the taskforce will comprise:

• Gerard Brody, CEO of the Consumer Action Law Centre
• Stuart Clark, President of the Law Council of Australia
• Ross Freeman, partner at law firm Minter Ellison
• Pamela Hanrahan, University of NSW
• Dimity Kingsford Smith, University of NSW
• Ian Ramsay, University of Melbourne.

The taskforce will make recommendations to the Government next year.