Does sell-side research have a future in-house?

In brief - ASIC's Regulatory Guide 264 addresses conflicts concerns and tightens compliance obligations

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is focussing intently upon disclosure and conflicts in the sector generally. Real questions are being asked as to whether Australian financial services licensees complying with the current regulatory framework can provide services that meet the market's needs and expectations without conflict.

It would not be surprising if the Commissioner were to recommend sweeping prescriptive rules requiring compartmentalisation rather than merely tightening the current disclosure regime.