UBS facing scrutiny from ASIC over report

Investment firm UBS is facing scrutiny from ASIC over an altered report on the NSW government's electricity privatisation plans.

A report, originally titled "Bad for the budget, good for the state" was later reissued with the title "Good for the state".

Premier Mike Baird has admitted that his office called UBS to complain about the note to investors, which said the lease would be "bad for the budget".

The corporate regulator is seeking more information from UBS about what actually happened, according to ASIC chairman Greg Medcraft.

"Clearly, was it justified? The issue for us is - was there issues in relation to the Chinese wall?," he told reporters in Sydney on Monday, referring to the business term used to avoid conflicts of interest between arms of a company, such as researchers and advisors.

"Having had a background in infrastructure financing, when I look at the report, clearly there were issues in terms of their own internal controls, in terms of what research goes out and how it's vetted."

Mr Baird said UBS, who is also advising the government on its privatisation of the poles and wires, still has his confidence.

He said it was time to move on.

"Yes, we're in an election campaign. Yes, there'll be stunts in the opposition. What's the next thing you're going to see? They're going to call in the United Nations? We're in a position that we're focusing on this election," he said on Monday.

"The analyst's reports did not include the $300 billion boost to the economy. That's the facts. That was at their instigation. They understood that.

"They made the statements to that effect, that's it."

NSW Labor, the Shooters and Fishers Party, the Christian Democrats and the Greens have said they will move to launch an Upper House inquiry on the reissued report as soon as parliament resumes.