ASIC promises to restore confidence in the ASX amid 50% lift in investigations
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The news: A refreshed Australian Securities and Investments Commission (ASIC) says it will prioritise restoring faith in the ASX and capital markets more broadly over the next 12 months, as it unveiled its corporate plan on Wednesday.
The regulator said it had "severely diminished confidence" in the ASX and its ability to maintain stable and secure market infrastructure following recent failures, with its ongoing inquiry set to "provide a clear way forward" for the market operator.
Combined with a marked decline in public market listings, growth of private markets and private credit and the expanding influence of superannuation funds, ASIC named one of its top priorities to make Australian markets fit for purpose.
The comments come as the corporate regulator released its 2025-26 corporate plan which outlined its key focuses as managing risks around artificial intelligence and data, improving superannuation outcomes, simplifying regulation, and transforming ASIC itself into a "modern, confident and ambitious regulator".
The numbers: Over the last financial year the regulator commenced 252 formal investigations, 50% more than the year prior. It also commenced 38 new civil proceedings, 24 criminal litigations and extracted $104.1 million worth of penalties, with all metrics higher than the previous year.
The context: ASIC has gone through an internal refresh, hiring new commissioners, a new CEO and new executives, as it looks to focus its regulatory remit and expand to new areas of concern.
What they said: "Our plan highlights more than a dozen new regulatory initiatives from reviews of offset accounts and debt collection, to whistleblower protections and SMSF establishment advice," ASIC chair Joe Longo said.
He promised that its simplification program would cut red tape and empower the regulator to better enforce the law.
"We direct our efforts and finite resources to areas where we see the greatest risks and potential harms. In some cases, that means continuing work already underway, such as our efforts to combat high-risk super switching. In other cases, this means pivoting to new or emerging issues or causes for concern," Longo said.
"This plan demonstrates our commitment to being a modern, confident and ambitious regulator."
The source: ASIC Corporate Plan
