Australia's corporate watchdog, ASIC, isn't prosecuting enough white-collar crime and can't perform its full range of duties, so a Senate committee has recommended it split into two new, more streamlined 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.