Longo’s term in charge of the Australian Securities and Investments Commission (ASIC) will end on 31 May 2026, five years after he took over the job as chair on 1 June 2021.
According to his statement, Longo informed the Secretary to the Treasury that he would not be seeking an extension to his term in June of this year, then formalised the decision to the Treasurer earlier this month.
He said the decision not to seek an extension comes amid major reforms, stronger enforcement, and ongoing priorities to strengthen regulation, markets and productivity in Australia.
“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.
He added: “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.”
Longo added that investigation numbers had doubled over the last five years and a 20 per cent increase in civil enforcement proceedings, while spruiking 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, further pointing to “landmark reports and discussion papers on tackling regulatory complexity, private and public markets, superannuation member services and banks’ support for low income and hardship customers”.
The ASIC chair said he would continue to lead the financial services regulator’s “key enforcement work” over the rest of his tenure, which includes “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,” he 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.
“ASIC has exceptionally dedicated, skilled and experienced staff and I cannot praise them highly enough.
“While the time for extensive acknowledgements will come, I want to thank in particular deputy chair Sarah Court, who commenced on the same day as I did, both for her dedication and commitment to the work of ASIC and for her invaluable personal support of me as chair.
“I also want to thank all the commissioners with whom I have worked, for their support and contributions.”
Treasurer Jim Chalmers thanked Longo for his leadership, adding that he has “overseen ASIC during a period of heightened economic, geopolitical and technological change”.
“High-quality leadership at our core economic institutions is crucial to the more modern and competitive economy we are building together,” Chalmers said.
He added: “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.”
Longo has had a long career at ASIC, having been the national director of enforcement at ASIC between 1996 and 2001, and responsible for the co-ordination and direction of all enforcement and litigation activities.
Before becoming chair of the financial services regulator, he was the general counsel for Deutsche Bank in London and Hong Kong for 17 years, providing leadership across regulatory issues, governance, corporate law and non-financial risk.
He has also been a senior adviser at Herbert Smith Freehills and practised in New York and a partner at Parker and Parker (now Herbert Smith Freehills Kramer).
Pushed.
Longo and Chair are both absent at the wheel
Probably be replaced with another consumer advocate.