Senate committee recommends major overhaul for corporate watchdog, splitting ASIC into two new regulators

• In short: A Senate committee recommends ASIC be split up, to create a corporations regulator and a financial services regulator.
• Key findings of the report include a "bad culture" at the corporate watchdog, and a sprawling bureaucracy that is unable to prosecute white-collar crime.
• What's next? Committee chair Andrew Bragg says its unlikely the recommendations will be adopted in this term of government.

Related coverage:

• The Conversation: ASIC has comprehensively failed and its role should be split in two, according to long-awaited report