ASIC Chair Joe Longo (pictured) has confirmed he will step down at the end of his term in May 2026, after deciding not to seek reappointment.
“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 media release.
“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 said that when he accepted the position, ASIC needed to become a “modern, confident and ambitious regulator.” He pointed to achievements including the most significant organisational restructure in 15 years, a new executive team, and stronger enforcement outcomes.
“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 … the ASIC of today is better fulfilling what Australia needs of it,” he said.
Longo confirmed ASIC would continue to pursue enforcement work and regulatory reforms in the coming months.
“In the coming months before I complete my term, we will continue our key enforcement work including a heightened focus on misconduct in superannuation,” he said.
ASIC will also finalise the independent review of the ASX, continue its public and private markets work, and press ahead with reforms aimed at simplifying regulation to tackle productivity challenges.
Longo, who commenced as ASIC chair on 1 June 2021, will complete his term on May 31, 2026. Before taking up the role, he spent 17 years as general counsel for Deutsche Bank in London and Hong Kong, where he provided leadership across regulatory issues, governance, corporate law and non-financial risk.
Earlier in his career, he was ASIC’s national director of enforcement between 1996 and 2001, responsible for litigation and enforcement activities. He also practised in New York and served as a partner at Parker and Parker, now Herbert Smith Freehills Kramer.
Alongside his regulatory career, he has been a senior adviser at Herbert Smith Freehills and remains active in international bodies as a board member of IOSCO, vice chair of the Asia-Pacific Regional Committee, and a member of the Trans-Tasman Business Committee and the EU Asia-Pacific Forum.
Longo holds a bachelor of jurisprudence (hons) and a bachelor of laws (hons) from the University of Western Australia, as well as a master of laws from Yale Law School.
The Australian Banking Association (ABA) acknowledged Longo’s contribution during his five-year tenure.
“The ABA thanks Mr Longo for his public service and contribution to ensuring Australia has a properly regulated and safe banking system,” ABA CEO Simon Birmingham said in a statement.
“Joe is a tough but fair regulator. He has led ASIC through an important time of change and challenge in our financial system. He has always taken a consultative approach in his role, consistently making himself available to the ABA and our members for engagement.”
Birmingham said Longo’s focus on regulatory simplification without reducing standards or protections had been particularly valued.
“Mr Longo has brought an important mix of both commercial and regulatory experience to the role, which will be important for ASIC to maintain in the future,” he said.
The announcement follows a broader refresh of ASIC leadership, including the recent appointment of Victoria Weekes as chair of the Markets Disciplinary Panel (MDP), Anthony Brittain as deputy chair, and three new members joining the peer review panel that oversees breaches of market integrity rules.
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