The head of Australia's corporate watchdog is set to step down and won't seek a reappointment in the role.
Australian Securities and Investment Commission chair Joe Longo said he will not seek a second term in the position once his tenure ends in May 2026.
Mr Longo was appointed to head up ASIC in 2021 by the former coalition government.
"It has been an immense privilege to serve as chair of ASIC and to have been given the opportunity to rebuild and renew the agency," the outgoing chair said.
"When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator.
"I see that transformation is delivering dividends."
Treasurer Jim Chalmers said Mr Longo had made a large contribution to the regulator during his time in the role.
"Since his appointment in 2021, ASIC has carried out significant enforcement actions to uphold the integrity of our corporate, market and financial services sector," he said.
"Mr Longo has overseen ASIC during a period of heightened economic, geopolitical and technological change, and I thank him for his leadership."
The announcement of Mr Longo stepping back from the role comes after ASIC slapped ANZ with a $240 million fine, the largest penalty given out to a single company.
The watchdog fined the bank for four separate acts of wrongdoing, including failing to respond to hundreds of notices about customer hardship, making false and misleading statements about its savings interest rates and failing to pay those amounts to customers.
Dr Chalmers said the Treasury Department will now begin work to appoint a successor to head ASIC.
The department will also look to find a replacement for a deputy chair of the Australian Prudential Regulation Authority, with Margaret Cole also announcing she would not seek an extension to her term after it finishes in June 2026.
