Australia appoints Sarah Court as chair of corporate regulator

By Scott Murdoch

SYDNEY, Feb 3 (Reuters) - Australia will appoint Sarah Court to lead its corporate regulator, the first woman in the agency's 35-year history, Treasurer Jim Chalmers said on Tuesday.

Court will replace outgoing Australian Securities and Investments Commission chair Joe Longo who retires in May after a five-year tenure.

Court currently serves as ASIC's deputy chair and leads the agency's enforcement and investigation work. Prior to her ASIC appointment, she was an Australian Competition and Consumer Commission (ACCC) Commissioner.

"Under her leadership, ASIC has delivered some of its strongest enforcement results on record - reflecting a sharper focus on protecting consumers, lifting standards across the financial system, and reinforcing the integrity of Australia’s markets," Chalmers said in a statement.

ASIC has taken an increasingly tough stance towards corporate Australia in the past few years, launching cases against ANZ Banking Group ANZ.AX and investment bank Macquarie Group MQG.AX.

ANZ in December agreed to pay a A$250 million ($174 million) fine for mishandling a A$14 billion government bond deal and other systemic failures that harmed taxpayers and retail customers.

Macquarie agreed to a A$35 million fine after admitting to misreporting millions of short sales over several years.

"ASIC will be in very capable hands under her leadership," Longo said.

In the past five years, ASIC's formal investigations increased by 129% and new civil proceedings were up 35%, according to the agency's figures.

Court will become ASIC chair on June 1.

($1 = 1.4393 Australian dollars)