Incoming Australian Securities and Investments Commission (ASIC) Chairman Tony D’Aloisio has no plans to ease up on the tough prosecutions of corporate wrongdoers, saying the HIH prosecutions show the directions the regulator must take.

He has also flagged a crackdown on insider trading and other forms of market manipulation in an ambitious shake-up over the next 12 months.

Mr D’Aloisio, appointed last month as Chairman until 2011, will establish a team to map out how the regulator can improve detection and prosecution of rogue financial operators, amid market concerns that only a few insider trading cases are being exposed.

In its analysis, the team will cover exchange-traded products, equity markets, derivatives and other financial products.

Mr D’Aloisio says ASIC has pursued companies and individuals in breach of the law under Jeff Lucy’s watch, a theme he wants to build on.

“This is demonstrated by tangible results, including a significant record of success of cases launched. A clear example is HIH. While we have had some successes in deterring this behaviour, we feel we need to improve.”

Bringing a “fresh pair of eyes” to the role, Mr D’Aloisio wants ASIC’s role to include helping investors – particularly Baby Boomers – to make smarter financial decisions.

Red tape reduction and a review of ASIC’s direction for the next three to five years are also elements of his vision of the regulator.