The Australian Securities and Investments Commission has requested information about the operation of the bank's "Chinese Wall" - designed to separate its advisory and research arms - ASIC chairman Greg Medcraft confirmed on Monday.

The 14-page report, originally titled "Bad for the budget, good for the state", was later reissued with the new title "Good for the state". The earlier version said the long-term lease of the state's "poles and wires" to finance transport infrastructure would "likely have a negative impact on state finances in the long run" as the government increased spending on infrastructure and lost revenue from the electricity assets.

UBS chief executive Matthew Grounds and head of investment banking Guy Fowler are already potentially facing a parliamentary inquiry to investigate the bank's interactions with Premier Mike Baird's office over the republication of the report.

Speaking on the sidelines of the ASIC Forum in Sydney, Mr Medcraft said the regulator was "looking into" the separation of research and advisory functions at UBS and had issued notices requiring the bank to provide information.

"We are getting more information from UBS about what actually happened," Mr Medcraft said. "The issue for us is their issues in relation to the Chinese Wall."

Mr Medcraft, who has a professional background in infrastructure financing, said when he looked at the report issued by UBS last week, "clearly there were some issues in terms of their own internal controls in terms of what research goes out and how it is vetted".

Asked about Mr Medcraft's comments, NSW Treasurer Andrew Constance said: "I agree with his words."

Late last week, NSW Labor, the Christian Democrats, the Shooters and Fishers party and the Greens said they would investigate the changes to the report after the election via a parliamentary inquiry.