No, I feel very

strongly that the – I mean, everyone's entitled to their views.

I will express my view.

And my view is that in a democratic capitalist economy, the regulators should be open, they should be transparent, and they should be accountable.

So the very people that have a go, they're the same ones that say, oh, regulators should be more accountable.

Well, I think accountability in the end starts with the choices we make for what matters we run, what issues or problems we choose to solve.

And I think it's incumbent on the chair of ASIC and regulators like ASIC to say to the public, this is why we're solving this problem and not that problem.

And so before we wrap up with a few questions and other, what is the Joe Longo ASIC legacy or what would you like it to be?

So is it important to have that transition? I

did a lot of corporate litigation and what we now call white-collar defence work.

And I also did a lot of employment industrial litigation at the time as well.

But towards by the time the mid-90s rolled around, I was spending most of my time doing white-collar defense work.

And what I discovered was I was just really fascinated by the intersection of commercial misconduct.

And criminal law.

So in those days, you're generally one or the other.

what was the dynamic like in Hong Kong and in Deutsche Bank at the time? It's an

What happens when the criminals come in from overseas trying to attack our superannuation funds, as we heard Mike Burgess, the Secretary-General of ASIO, talking about today here?

The superannuation story in Australia is positive.

We should all be very proud of the four-odd trillion that's sitting there at the moment.

Rafa from the Future Run was talking about that this morning.

Mike Burgess's message was more around cyber security and resilience, and that applies to the whole economy.

We cannot be complacent.

about this issue.

coming in?

that moves us towards a question on superannuation because one of the things that the discussion paper raises is what is the role of super funds in all of this? What's your current thinking? What are the top points? Well, the

role's emerging.

I mean, I think the...

It's an extraordinary phenomenon.

We're about a 50th of the world's population and within the next five years we'll have number two or three pension fund in terms of assets under management and we're looking at around six or seven trillion.

We're already at 4.2 trillion.

So I think there's an emerging analysis and discussion and dialogue going on within Australia is what do we do with this? It's been an extraordinarily successful thing.

As you set expectations through enforcement and other messages from the commission in this space, this AI and digital technology space, how can the commission, how's the commission thinking about the way it will kind of set standards and

The problem would be if something went wrong with one of these super funds and investors wanted their money out.

Ross, I think the critical question is what's going on in these markets? And liquidity is one aspect of why someone might want to be in the public market because they can see...

Good price discovery, there's a lot of transparency, and you're right, there appears to be a lot more liquidity in the public market than the private market.

But I go into this, ASIC goes into this with a very open mind.

It's not just about liquidity.

In the end, what we really want to do is encourage markets.

Why do we have markets? Because we need them to allocate capital.

But also then on top of that, the superannuation funds themselves, which almost act in some ways holier than thou in their own morals and ethics, as you've pointed out, themselves have had lapses in recent times that you're holding them to account for.

And why do you think that is? Well,

the question we've asked ourselves, and it's in the paper, is this a structural question or problem, or is it a cyclical problem? I think where we've landed for now is that we are worried about the vitality of the public markets, but we think it's too soon to say it's structural.

We think it's more likely to be cyclical.

We are seeing, even now in the last few months, a renewed interest in IPOs on the Australian Stock Exchange.

and what this paper calls for and what I've been talking about is a call to ASX to be more proactive in this space and to spend some more time and resources looking at its own listing rules to see whether there's a potential issue there.

Overall, the critical thing from ASIC's perspective is that our markets remain competitive, and attractive and I think that's still the case, public and private, and that we have good means of detecting risk.

But the critical thing now with the growth in the private markets is we don't want to be in the dark and at the moment I think our data and our transparency into these markets is incomplete and inadequate.

So from your end, from a regulatory perspective, what happens when a big business like a listed company like Sydney Airport goes private?