ASIC chair Joe Longo (pictured above) opened his statement at the Parliamentary Joint Committee on Corporations and Financial Services by highlighting the corporate regulator’s recent enforcement activities and digital advancements.
Joined by deputy chair Sarah Court, commissioners, and other senior ASIC officials, Longo outlined significant enforcement results and future initiatives.
Longo reported substantial increases in ASIC’s enforcement actions over the past year.
“As at 30th April, we have commenced over 130 new investigations, this is an increase of around 25% on the previous year; and filed 29 new civil proceedings in the Federal Court (against 64 defendants), representing an increase of 11% in civil proceedings on the previous year,” he said.
Longo said that ASIC is one of the nation’s most active law enforcement agencies, driven to pursue court-based outcomes against serious misconduct.
Highlighting specific successes, Longo shared two cases that demonstrate ASIC’s commitment to protecting consumers and maintaining market integrity.
He discussed the final stop order against Coral Coast Distributors, celebrating a favourable tribunal decision.
“On Wednesday, the Tribunal rejected Coral Coast’s application for a stay,” Longo said. “This is a positive and welcome outcome for vulnerable First Nations consumers.”
He also mentioned the guilty plea secured in proceedings against John Bigatton, promoter of the collapsed investment vehicle BitConnect, who will proceed to a sentencing hearing soon.
Addressing the critical need for technological enhancement, Longo detailed ASIC’s digital transformation efforts, which have been bolstered by federal funding.
“We need to be a leading digitally enabled and data-informed regulator who is ahead of the game,” he said.
The implementation of a new threat intelligence platform and other cybersecurity measures aim to improve ASIC's capability to detect and respond to threats more efficiently.
Longo concluded his statement by reflecting on ASIC’s global standing and the recognition it has received for its efforts to combat scams and enhance digital security.
He highlighted the formation of an anti-scams working group in the Asia-Pacific, showcasing ASIC’s leadership in addressing cross-border financial crimes.
“This is work that has been recognised globally in the last fortnight, with ASIC to help lead a new anti-scams working group of regulators in Asia-Pacific to tackle the issue in our region,” he said.
Read Longo’s speech in full here.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
