Thursday 11th July 2013 1 Comment
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Financial Markets Authority chief executive Sean Hughes won't seek a second term in charge of the market watchdog, finishing up at the end of the year.
Hughes was tapped for the top job in October 2010 to lead the new agency, having previously been at the Australian Securities and Investments Commission and heading National Australia Bank's legal operations before that. The FMA was formally set up in 2011, replacing the Securities Commission and taking on the supervision duties of other agencies.
"Having delivered on my primary task to design, build and implement the strategic and operational platform for FMA, I have decided to complete my contract this year, and look to identify my next challenge," Hughes said in a statement. "Announcing my decision now will allow a smooth and orderly transition for the leadership of FMA's next stage."
Under Hughes' watch, the FMA has won criminal prosecutions of finance company directors launched by its predecessor, charged accused Ponzi scheme operator David Ross with financial adviser breaches, and levelled a civil suit against Hanover Finance's directors and promoters.
FMA chairman Simon Allen said a new chief executive will come around the same time the Financial Markets Conduct Bill passes into law, meaning the securities law overhaul will be well-aligned with a new boss of the watchdog.
The FMA Board expects to appoint his replacement by the end of the year, and will use an external agency to find a new CEO.
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