Regulatory guidance for Australia’s sell-side research will be reduced from 42 pages to just eight, under a new principles-based proposal by ASIC to facilitate greater investment in the local market.

The proposed revamp of Regulatory Guide 264 Sell-Side Research (RG 264) responds to industry feedback received through ASIC’s discussion paper on public and private markets seeking clearer and less prescriptive guidance to encourage more research to support capital raising activity.

Sell-side research is prepared by AFS licensees such as investment banks and stockbrokers to help clients make investment decisions including about upcoming initial public offerings (IPOs).  

ASIC is seeking feedback on the changes that are designed to simplify the existing guidance by removing prescription and replacing RG 264 with a shorter, principles-based guide.

The updates will enable greater research analyst input into the IPO process - to facilitate capital raising activity - whilst requiring licensees to have effective arrangements to manage conflicts of interest, inside information and to preserve the independence of research.

The work forms part of ASIC’s response to feedback on the discussion paper and also reinforces ASIC’s ongoing focus on regulatory simplification.

A copy of the draft updated regulatory guide and a summary of the proposed changes are available on the consultation webpage at CS 59 Proposed updates to RG 264. 

Providing feedback

ASIC welcomes feedback on the proposed changes to RG 264, including: 

• whether the proposed guidance is sufficiently clear;
• whether the proposed guidance reflects industry practice in managing risks associated with sell-side research; and

• any suggested changes you may have to the draft guidance, including areas where further clarification would assist.

The consultation period will be open over a 4-week period.

Submissions should be sent to markets.consultation@asic.gov.au by 5pm (AEST) on 21 August 2026.

Further information, including how to make a submission, is available at CS 59.

Background

ASIC’s review of RG 264 forms part of our response to feedback received to the discussion paper released in 2025.

Stakeholder feedback indicated that the current guide could be streamlined and made easier to apply in practice, while still maintaining regulatory expectations around the management of conflicts of interest, integrity of research processes, and independence of research views.

In response, we are proposing to simplify RG 264 by reducing prescription and adopting a more principles-based approach. 

ASIC is Australia’s corporate, markets and financial services regulator.