The Government has appointed Joseph Longo as ASIC’s new Chairperson and Sarah Court as the regulator’s Deputy Chairperson for a five year period commencing on 1 June 2021.
A media release by Treasury announcing the appointments states Longo has had a “…long and distinguished career in corporate law, financial services, governance and regulation.”
The release notes Longo is currently a senior advisor at Herbert Smith Freehills and prior to that worked as general counsel for Deutsche Bank in London and Hong Kong for 17 years, and has also previously been ASIC’s national director of enforcement.
Court’s background includes “..extensive experience in regulation, compliance, consumer protection and civil litigation.” She has worked as a commissioner of the Australian Competition and Consumer Commission since May 2008, where she is currently responsible for enforcement matters.
Statement of Expectations
The same release announcing these two appointments also noted the Government will shortly be releasing a new Statement of Expectations intended to outline the Government’s priorities for and expectations of ASIC.
Treasurer Josh Frydenberg says the Statement of Expectations 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 of Expectations will be issued following the commencement of the new chair and new deputy chair.