Longo took up the position in June 2021, taking over from James Shipton, but has now stated he will not be seeking reappointment for a second term in the position.
In a statement, the outgoing chair said: “When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator. 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.”
Before he finishes up his term, Longo said his focus will be on superannuation misconduct and its review of private markets.
“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 said.
“We will finalise the independent review of the ASX to ensure Australia has stable, secure and resilient market infrastructure. And we will embark on the next stage of work we began in 2024, to simplify regulation to help tackle the productivity challenges Australia faces.”
Longo was a senior adviser at law firm Herbert Smith Freehills and previously worked at Deutsche Bank for 17 years. This was his second tenure at ASIC, as he had spent five years at the body between 1996 and 2001 as its national director of enforcement.
Separately, deputy chair of the Australian Prudential Regulation Authority (APRA), Margaret Cole, has also announced she will leave the regulator at the end of June 2026. Like Longo, she had joined the board of the regulator in 2021.
Cole was previously based in the UK, where she was managing director of enforcement and financial crime of its Financial Services Authority (FSA).
APRA chair John Lonsdale said: “Margaret has also brought extensive experience across the private and public sector and in jurisdictions outside Australia. This expertise has been invaluable to APRA and I thank Margaret for her leadership, support and the contribution she has made.
“Margaret oversaw the implementation of the Your Future, Your Super reforms which commenced on her first day at APRA. These far-reaching reforms were aimed at ensuring superannuation works in the best financial interests of all Australians and improving efficiency, transparency and accountability in the superannuation industry.”
Commenting on the two departures, Treasurer Jim Chalmers said the government has begun the search for their replacements.
“Key appointments like these are another important way to refresh and renew our economic institutions. Regulators play a really important role in our economy, and that’s why we will continue to appoint the best people we can to lead them.”
