Lucinda McCann Appointed as ASX's Chief Compliance Officer

Post by : Bianca Suleiman

The Australian Securities Exchange (ASX) has appointed Lucinda McCann as its new chief compliance officer, a move aimed at enhancing the exchange's governance and risk management strategies. This decision is effective immediately, reflecting ASX's urgency to fortify its operations in light of increasing regulatory pressures.

This appointment follows heightened scrutiny of ASX's compliance practices, with a corporate regulator investigation launched in June due to concerns raised by the central bank over governance issues. Additionally, ASX faces operational hurdles, notably a significant trading settlement delay scheduled for 2024.

David Clarke, Chair of ASX, underscored the importance of the exchange’s ongoing multi-year transformation program, stating it “cannot fail.” This initiative is critical for modernizing technology systems and enhancing resilience, positioned midway through a five-year plan to restore market confidence and prevent future disruptions.

Lucinda McCann comes to ASX with over 25 years of legal and regulatory expertise. Previously a partner at international law firm Norton Rose Fulbright, she has also held significant positions at the Australian Prudential Regulation Authority, including chief general counsel. McCann takes over from Daniel Moran, who resigned in July after a 15-year tenure at ASX.

The strategic appointment of McCann is seen as key to reinforcing ASX's compliance culture and ensuring the continuity of its transformation initiatives, amid mounting expectations from regulators, investors, and other market stakeholders.