The Government has appointed Joe Longo as the Australian Securities and Investments Commission's (ASIC's) chair, replacing James Shipton, for a five-year period starting 1 June, 2021.
As reported in the Australian Financial Review, Longo was a senior adviser at law firm Herbert Smith Freehills. He previously worked at Deutsche Bank for 17 years.
He would replace James Shipton who stepped down from his position following an investigation into his expenses.
In a statement, Shipton said: "On behalf of the ASIC Commission and team I’d like to congratulate Joe Longo on his appointment as the next ASIC Chair and Sarah Court as an additional deputy chair. Joe is known to many at the agency from his time as national director of enforcement from 1996-2000 and subsequent interactions as a lawyer at Herbert Smith Freehills. His wealth of domestic and international experience will serve ASIC well in the vital work it does in supporting the financial system and economy, especially as Australia recovers from the downturn caused by the COVID-19 pandemic.
"We are also pleased to welcome Sarah Court, who joins as deputy chair from the Australian Competition and Consumer Commission (ACCC). Again, we know Sarah very well and appreciate the skill and experience she brings from our regulatory counterpart.
"We will work with Joe and Sarah over the coming weeks to manage a smooth transition to his leadership of the organisation."
An announcement by the Treasurer, Josh Frydenberg, said: "I congratulate Mr Longo and Ms Court on their appointments. They are both highly qualified and experienced individuals with a deep understanding of both the private and public sectors. ASIC will benefit from their understanding of regulatory settings, insight into business and their strong leadership.
“Mr Shipton has shown great commitment and dedication to ASIC during his three years as chair and I thank him for his service. I look forward to his continued assistance during the transition and wish him all the best in his future endeavours.”
The announcement by Frydenberg also said the government would be issuing ASIC a new Statement of Expectations and introducing legislation to establish the Financial Regulator Assessment Authority (FRAA).
The statement would outline the government's priorities for and expectations of ASIC.
"The statement will make clear that the Government expects the commission, as a whole, to operate as a strategic board and that all operational matters are the responsibility of the chair, who is the accountable authority. The statement will also make clear that the Government expects ASIC to support Australia’s economic recovery from the COVID pandemic," it said.