UBS, a key adviser on the Baird government's partial privatisation of the electricity network, is facing scrutiny from the corporate regulator over changes to a research report about the sale published by the investment bank.

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.

National security fears: Chinese whispers haunt Premier Mike Baird. Credit:James Brickwood

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.