Mr Hughes had been a lead voice on the issues of whistleblowers and audit quality. He has previously held several positions at ASIC, including senior executive leader for corporate governance and corporations from 2008–10 and director, financial services regulation for four years to 2003.

He was due to end his five-year term on 1 December 2023. The appointment of an ASIC commissioner is determined by the Treasurer.

ASIC chair Joe Longo said: “We are grateful for the contribution Sean has made to ASIC in his role as commissioner and wish him well in the next stage of his career.”

ASIC said its Commission would continue to work via a whole-of-ASIC approach, with current members chair Longo, deputy chairs Sarah Court and Karen Chester, and commissioner Danielle Press, working with the chief operating officer and executive team.  

In October, a parliamentary joint committee began an inquiry into ASIC’s capacity and capability to respond to reports of alleged misconduct. It will call for submissions, hold public hearings and is due to report by June 2024.