ASIC ups the ante: Investigations jump, AI under review

ASIC has intensified its compliance posture, lifting investigations and court actions while expanding targeted surveillance.

Chair Joe Longo (pictured) said operational upgrades are delivering results.

“The ongoing operational uplift at ASIC has helped to deliver a 50% increase in investigations, an almost 20% increase in new civil enforcement proceedings and the completion of 829 targeted surveillances,” Longo said in a media release.

Program of work to strengthen and simplify markets

ASIC has also kicked off a wide-ranging regulatory agenda spanning market transparency, superannuation outcomes, and simplification.

“We are shining a light on Australia’s capital markets through our public and private markets work, building stronger retirement outcomes with our superannuation members services work, and fostering efficiency as part of our regulatory simplification work,” Longo said.

Key FY2024-25 outcomes include:

• First discussion paper on the dynamics of Australia’s public and private markets

• Launch of the Regulatory Simplification Consultative Group

• Inquiry into ASX governance, capability, and risk management after repeated failures

• Superannuation death-benefit failures uncovered, with enforcement actions against Cbus and AustralianSuper

• Review of AI use by financial services and credit licensees

• 6,900+ investment scam and phishing sites taken down

• $104.1m in court-ordered civil penalties and $16.8m in criminal fines

Longo said ASIC is evolving with market risks.

“ASIC’s ongoing work demonstrates that ASIC responds to emerging challenges in the broader financial ecosystem, from the advent of AI to the increasing dominance of private credit in our capital markets,” he said. “We are taking impactful enforcement action and a leading approach to solving regulatory problems to protect consumers and support the integrity of our markets.”

What’s next for ASIC

ASIC has released the core program for its annual forum, to be held Nov. 12-13 in Melbourne, themed ‘Australia in a dynamic world’. Highlights include:

• Keynote: Mike Burgess, director-general of security, ASIO
• Economy panel with Joe Longo, David Gruen (ABS), Raphael Arndt (Future Fund), and Leah Weckert (Coles Group)
• Dinner keynote: Arthur Sinodinos, chair, United States Studies Centre
• Recorded address: Mathias Cormann, secretary-general of the OECD
• Consumer trust panel with ASIC Commissioner Alan Kirkland, Michele Levine (Roy Morgan), Steve Johnston (Suncorp) and Erin Turner (CPRC)
• Structural transformation session with Commissioner Kate O’Rourke, Anthony Miller (Westpac Group), Melanie Silva (Google A/NZ) and Karl Durrance (Stripe A/NZ)
• 2026 enforcement priorities address by Deputy Chair Sarah Court, followed by a global enforcement discussion with Therese Chambers (UK FCA)

“The pace of global change has never been greater with digital technology reshaping how we interact and do business,” Longo said. “Working through how we ensure Australia’s financial system is fit for today and evolves for the future will be central to this year’s forum.

“The forum is our flagship event where we will outline our key enforcement priorities for the coming year and discuss how we ensure Australia’s financial system remains fit for today and remains ready for a rapidly changing future.”

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