Law Council of Australia

Business Law Section

Consultation on proposed updates to Regulatory Guide 264

Submission Date: 26 August 2026

The Corporations Committee (in consultation with the Financial Services Committee) of the Business Law Section of the Law Council of Australia (the Committee) welcomes the opportunity to respond to the Australian Securities and Investments Commission (ASIC) consultation on the proposed update to Regulatory Guide 264: Sell-side research (the Draft Guidance).

This submission is structured in four parts.

Part A sets out the key benefits of the proposed updates, which the Committee broadly supports.

Part B identifies areas where the Committee believes that further reform is important to ASIC’s objective of supporting capital raisings in the Australian market, drawing on practical market experience with initial public offering (IPO) processes and having regard to observed practices and feedback from market participants under the existing framework.

Part C addresses other areas where the Draft Guidance would benefit from revisions.

Part D of the submission then responds directly to each of the specific matters on which ASIC has invited feedback, including the two issues where ASIC is not proposing to change the underlying principles.

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Last Updated on 01/09/2026

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