The Australian Securities & Investments Commission has launched a consultation on replacing its current 42-page sell-side research guidance with an eight-page principles-based version, in a move aimed at making the framework easier to apply and supporting greater investment and capital raising in Australia. The proposed rewrite of Regulatory Guide 264 responds to industry feedback calling for clearer, less prescriptive expectations for research used in contexts including initial public offerings. Under the draft approach, sell-side research prepared by Australian financial services licensees such as investment banks and stockbrokers would be governed by simpler principles rather than detailed prescription. ASIC said the changes would allow greater research analyst input into the IPO process while still requiring firms to maintain effective arrangements to manage conflicts of interest, control inside information and preserve the independence of research. The review forms part of ASIC’s broader response to feedback from its 2025 discussion paper on public and private markets and its wider regulatory simplification work. ASIC is seeking feedback on whether the proposed guidance is clear, reflects current industry practice in managing sell-side research risks, and needs further clarification before the revised guide is finalized.
Australian Securities & Investments Commission2026-07-23
Australian Securities & Investments Commission proposes principles-based overhaul of sell-side research guidance to support IPO activity
The Australian Securities & Investments Commission is consulting on a shorter, principles-based replacement for its current sell-side research guidance. The draft would cut Regulatory Guide 264 from 42 pages to eight and give research analysts greater input into IPOs while retaining expectations on conflicts, inside information and research independence. The proposal follows industry feedback seeking a less prescriptive framework.