Back in April, Treasurer Josh Frydenberg neutered ASIC by appointing former banking lawyer Joseph Longo as chairman of ASIC and directing him to support the economic recovery from the pandemic rather than enforcing financial system conduct:
Frydenberg made it clear the direction of ASIC would be changing dramatically from the tougher stance foisted on it by the Hayne royal commission just three short years ago.
A new government statement of expectations will “make clear the government expects ASIC to support Australia’s economic recovery from the COVID-19 pandemic”.
