CS 59 Proposed updates to RG 264

ASIC released Consultation Paper CS 59 on 23 July 2026, seeking feedback on proposed changes to simplify Regulatory Guide 264 Sell-side Research. The proposed amendments follow feedback received on ASIC's earlier discussion paper on the dynamics between public and private capital markets, which indicated that reducing prescriptive requirements in RG 264 could encourage greater use of sell-side research to support capital raising activity.

ASIC's proposed changes to RG 264 are intended to simplify the existing guidance by removing prescriptive requirements and replacing them with a shorter, principles-based guide, to reflect the industry feedback received through the public and private markets discussion paper, and to provide clearer, more accessible guidance on ASIC's expectations for the preparation, supervision and distribution of sell-side research. ASIC also sought feedback on two specific issues where it is not proposing to change the underlying principles, namely the presentation of valuation information in investor education reports and the fact checking of draft investor education reports by corporate advisory teams.

Submissions closed on 21 August 2026, with feedback sought on whether the proposed guidance is sufficiently clear, reflects industry practice in managing risks associated with sell-side research, and on any suggested changes including areas needing further clarification. The consultation does not itself amend the underlying law, and any changes to RG 264 would take effect only once ASIC finalises and republishes the updated guide.