ASIC chair Joe Longo will not seek an extension to his five-year term, saying he has informed the federal government of his decision and will focus on completing key projects before his departure.
“It has been an immense privilege to serve as Chair of ASIC and to have been given the opportunity to rebuild and renew the agency,” Longo said in a statement. “In June this year, I informed the Secretary to the Treasury I would not be seeking an extension to my term and I formalised this advice to the Treasurer earlier this month.”
Longo, who began as chair in June 2021, said his tenure had been marked by a major overhaul of the corporate watchdog’s structure and leadership. “When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator,” he said. “With the most significant organisational restructure in 15 years, new Commissioners, a new CEO and refreshed senior executive team, I see that transformation is delivering dividends.”
Pointing to enforcement and policy work, Longo said ASIC had increased its output and secured additional resourcing. “From the doubling in ASIC’s investigations numbers and 20 per cent lift in civil enforcement proceedings over the last five years, to the increased funding we have secured to stabilise critical business registers essential to Australia’s economic infrastructure, to landmark reports and discussion papers on tackling regulatory complexity, private and public markets, superannuation member services and banks’ support for low income and hardship customers – the ASIC of today is better fulfilling what Australia needs of it.”
He said the commission would maintain momentum through the remainder of his term, including intensified scrutiny of superannuation. “In the coming months before I complete my term, we will continue our key enforcement work including a heightened focus on misconduct in superannuation. ASIC’s public and private markets work will also continue, with a focus on efficiency and integrity, to attract investment and promote economic growth.”
Longo added that ASIC would “finalise the independent review of the ASX” and continue work begun in 2024 to simplify regulation “to help tackle the productivity challenges Australia faces”.
He praised ASIC’s workforce and singled out deputy chair Sarah Court, who joined the commission on the same day he did. “ASIC has exceptionally dedicated, skilled and experienced staff and I cannot praise them highly enough,” he said. “While the time for extensive acknowledgements will come, I want to thank in particular Deputy Chair Sarah Court, who commenced on the same day as I did, both for her dedication and commitment to the work of ASIC and for her invaluable personal support of me as Chair. I also want to thank all the Commissioners with whom I have worked, for their support and contributions.”
Longo’s term began on 1 June 2021 and runs for five years. The government has not yet outlined the process or timing for appointing his successor.
