Experienced lawyer Joseph Longo has been appointed chair of the corporate watchdog to replace James Shipton.

The Australian Securities and Investments Commission will also have a new full-time deputy chair, Sarah Court, who replaces Daniel Crennan.

Both will start their five-year terms on June 1.

The independent statutory body responsible for regulating financial markets, securities, futures and corporations has faced turmoil in recent months following an expenses scandal.

Mr Longo is a senior adviser at Herbert Smith Freehills and before that worked as general counsel for Deutsche Bank in London and Hong Kong for 17 years, and was the national director of enforcement at ASIC.

Ms Court has served since May 2008 as a commissioner of the Australian Competition and Consumer Commission, where she is responsible for enforcement matters.

“They are both highly qualified and experienced individuals with a deep understanding of both the private and public sectors,” Treasurer Josh Frydenberg said on Thursday.

“ASIC will benefit from their understanding of regulatory settings, insight into business and their strong leadership.”

The government also this year plans to introduce laws, stemming from the banking royal commission, to set up a new oversight body, the Financial Regulator Assessment Authority.

Its initial task will be to assess the effectiveness and capability of ASIC.

-AAP