He will continue in his role until the end of the year.
FMA Chairman Simon Allen said Mr Hughes had done an outstanding job leading FMA, from its establishment three years ago, to building credibility and confidence in the new regulator and financial markets.
“While the Board is naturally disappointed that Sean will not be continuing beyond the end of his three year contract, we respect his decision. We also recognise the significant work he has put into FMA’s establishment and its positioning in both the domestic and Asia-Pacific markets,” said Mr Allen.
“Looking forward, FMA’s regulatory scope is set to further expand from next year with the introduction of the Financial Markets Conduct Act. The timing is well aligned for the next Chief Executive to advance this work.”
FMA CEO Sean Hughes said the launch and build of FMA had been an intense and satisfying period of work.
“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,” said Mr Hughes.
“Announcing my decision now will allow a smooth and orderly transition for the leadership of FMA’s next stage.”
The FMA Board will seek an external agency to assist with the search for a new CEO and an appointment is expected to be made by the end of the year.
Sean Hughes was appointed FMA CEO designate in October 2010, with FMA commencing operation from 1 May 2011. Mr Hughes was recruited from the Australian Securities and Investments Commission (ASIC), and has held previous roles in banking / financial services, the public sector and law firms in New Zealand, Australia, Britain and Hong Kong.
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