ASIC chair to depart

ASIC chair James Shipton is set to leave the regulator in the coming months.

The news was announced alongside the findings of a review of the organisation's governance following overpayments. Treasurer Josh Frydenberg said that he and Shipton agree that, while the review found no wrongdoing, it was in the best interests of the organisation that Shipton depart.

"After considering Dr [Vivian] Thom's report and supplementary legal advice provided to the Treasury concerning these matters, I am satisfied that there have been no instances of misconduct by Mr Shipton concerning his relocation arrangements, including ASIC's payment for tax advice resulting from his relocation to Australia in early 2018, nor have there been any breaches of applicable codes of conduct," Frydenberg said.

A search will begin shortly for his replacement, which is expected to take around three months.

Shipton was formerly a managing director for Goldman Sachs for the APAC region, based in Hong Kong. He also held a regulatory role at the Securities and Futures Commission in Hong Kong and was an executive director for the Harvard Law School based out of Australia.