Stood-down ASIC chair James Shipton (AAP/Lukas Coch)

The government appears to be getting away with the extraordinary feat of evading responsibility for the debacle that has enveloped one of Australia's most crucial regulators.

It is busily backgrounding journalists that it intends a restructure of the Australian Securities and Investments Commission and commissioners after deputy chair Daniel Crennan resigned yesterday and while it awaits an investigation into chair James Shipton, who has stood aside. There's even whispers of an outsider being brought in to the shake the place up.

In fact this debacle is owned 100% by the government.