Longo’s ASIC reset aims for faster enforcement

Corporate watchdog chairman Joe Longo is poised to reveal the largest shake-up of the Australian Securities and Investments Commission in 15 years next month, in a move designed to streamline enforcement, cut bureaucracy and deliver faster decision-making.

The overhaul will cut the number of divisions, which are currently broken into multiple supervisory, enforcement and operations groups, sparking the exits of at least two long-serving executives, while more money will be directed towards filling what Mr Longo called ASIC’s “technology debt”.