Australian Securities and Investments Commission (ASIC) Chair Joe Longo says the regulator is “an active and effective litigator” holding to account “those that we allege have broken the law in lower courts and in superior courts”.

In an address to a parliamentary joint committee last Tuesday, he said: “We have not taken our eye off the ball. ASIC is in court nearly every day of the year.”

He said 150 investigations were instigated last year.

ASIC has been in court for more than 20 different matters in recent weeks, including a committal hearing for former insurance broker Renato De Maria over the alleged misuse of about $35 million of client funds, Mr Longo said. Mr De Maria has pleaded not guilty to 18 charges.

“We have been, and continue to be, an active and effective litigator. We pursue court-based outcomes and substantial penalties to hold those who contravene the law to account and to deter similar misconduct occurring in the future.”

ASIC recently notched its first finding against a company for greenwashing and its first infringement notice for breaching pre-trade transparency rules.

Last financial year, 32 individuals were charged by the Commonwealth Director of Public Prosecutions in criminal proceedings and ASIC ran 26 civil cases, resulting in more than $185 million in civil penalties.

It removed or restricted 77 individuals and companies from providing financial services, and 28 from providing credit; 32 people were disqualified from directing companies.

“Clean and transparent markets are critical to investment into Australia,” Mr Longo said. 

“It is clear to me that the changes we are making are already yielding results. I hear this in feedback from a wide range of stakeholders and I see it in the improvements in timeliness and efficiency in our investigations, and in the dynamic work we’re doing across our broad regulatory and law reform remit.”