Head of corporate regulator to step back from role
The president of the corporate observer of Australia will resign and will not be re -appointed in the role.
Joe Longo, President of the Australian Securities and Investment Commission, said he would not look for a second period in the position when his term ended in May 2026.
In 2021, Mr. Longo was appointed by the former coalition government to chair the ASIC.
The President said, “It was a tremendous privilege that served as the president of ASIC and gave the opportunity to rebuild and renew the agency,” he said.
“When I accepted the position, it was clear that ASIC had to be a modern, self -confident and ambitious regulator.
“I see that this transformation gives dividends.”
Treasurer Jim Chalmers said that Mr. Longo contributed greatly to the regulator during his role.
“Since its appointment in 2021, ASIC has carried out important implementation actions to maintain the integrity of our corporate, market and financial services sector,” he said.
“Mr. Longo has supervised ISIC during the increasing economic, geopolitical and technological change, and I thank him for his leadership.”
Mr. Longo announced that IASIC returned from the role after slapping Anz with a fine of $ 240 million, the largest penalty given to a single company.
Surveillance has fined the bank for four separate false processing action, including not responding to hundreds of notifications about customer shortages, making false and misleading expressions about savings interest rates, and not paying these amounts to customers.
Dr Chalmers said the Treasury department will now start working to assign a successor to the president of ASIC.
The chapter will also try to replace the Vice President of the Australian Customer Regulation Authority, and Margaret Cole announced that it will not extend its task after it was finished in June 2026.
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