Sarah Court to Lead ASIC as Enforcement Momentum Builds

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Sarah Court will become Chair of the Australian Securities and Investments Commission (ASIC) on June 1, succeeding Joe Longo. The appointment places women at the helm of all five of Australia’s major economic institutions.

Court has served as ASIC Deputy Chair since June 2021. Prior to that, she spent 13 years at the Australian Competition and Consumer Commission (ACCC), where she chaired its enforcement and compliance committees. Her earlier career included nine years as a senior lawyer at the Australian Government Solicitor.

Longo cited Court’s enforcement background as a key factor in the appointment. He said her work as Deputy Chair contributed to ASIC’s structural transformation and strengthened its enforcement approach.

Enforcement Activity at Record Levels

Court takes over as ASIC’s enforcement activity reaches elevated levels. In the 2024–25 financial year, the regulator secured more than $120 million in court-ordered penalties. Enforcement actions rose by 50% compared with the previous period.

ASIC launched 252 investigations and completed 829 targeted surveillances during the same period. The agency also removed nearly 7,000 scam websites. Financial reporting misconduct has been listed as one of ASIC’s priorities for 2026, indicating closer scrutiny of financial services firms, including CFD brokers.

Court’s background at the ACCC focused heavily on enforcement. She previously oversaw the commission’s enforcement, compliance, and legal committees, all responsible for investigating and prosecuting breaches.

Licensing Growth and Regulatory Simplification

Court assumes leadership as ASIC manages a rise in licensing activity. The regulator granted 290 new Australian Financial Services (AFS) licences in the 2025 financial year, up 10% from a year earlier. Growth was driven in part by applications from digital asset businesses.

At the same time, ASIC canceled or suspended 215 licences, maintaining pressure on firms that failed to meet compliance standards. The regulator faces the task of processing new applications while upholding consumer protection and market integrity.

ASIC has also begun simplifying its regulatory framework. The agency recently removed around 9,000 pages of guidance after concluding that its rulebook had become overly complex. Longo said excessive regulatory detail can increase costs and hinder innovation.

Broader Institutional Context

Following Court’s appointment, women now lead the Commonwealth Treasury, the Reserve Bank of Australia, ASIC, the ACCC, and the Productivity Commission. Finance Minister Katy Gallagher described the development as a milestone for representation in Australia’s economic leadership.

Court will transition into the role through the end of May. Longo said he will support the handover to ensure continuity as ASIC maintains its focus on enforcement and consumer protection.