The federal government is searching for a new Australian Securities and Investments Commission chair after Joe Longo said he would not seek reappointment next year.  

Mr Longo told the secretary to the Treasury in June and formalised the advice to Treasurer Jim Chalmers this month. His term expires on May 31.

Australian Prudential Regulation Authority deputy chair Margaret Cole also plans to leave when her term finishes at the end of next June, it was announced today. 

Mr Chalmers says Treasury will conduct a methodical, considered search for replacements, and key appointments are another important way to refresh institutions.

“High-quality leadership at our core economic institutions is crucial to the more modern and competitive economy we are building together,” he said.

“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.”

Mr Chalmers says Mr Longo has carried out significant enforcement actions to uphold the integrity of the corporate, market and financial services sector, and has overseen ASIC during a period of heightened economic, geopolitical and technological change.

Mr Longo took over from James Shipton in 2021, promising the regulator would remain an active litigator against misconduct.  

“When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator,” he said today.

“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.”

The past five years have brought a doubling of investigation numbers, a 20% lift in civil enforcement proceedings and more funding to stabilise business registers, while key reports and discussion papers have been released, he says.

APRA chair John Lonsdale says Ms Cole has made an outstanding contribution since joining in 2021.

The regulator has benefited from successive appointments to the board with deep knowledge of the financial system, he says.

“Margaret has also brought extensive experience across the private and public sector and in jurisdictions outside Australia.”