ASX (ASX:ASX) investors will not need to materially revise their assumptions on the exchange operator purely based on the Australian Securities and Investments Commission's (ASIC) final report on governance and risk management failures at the company, Jarden said in a Thursday note.

"We think the report is best characterized as a detailed evidential record supporting the findings of the December 2025 interim report rather than a material escalation of regulatory risk," the equity research firm said.

The underlying drivers of concern, which include the prioritization of shareholder returns over infrastructure resilience and an ineffective regulatory approach, remain unchanged, Jarden said.

The ASIC's tone in the final report was constructively cautious rather than punitive, and the commission acknowledged some early progress made by ASX. It also noted that the scale of organizational transformation needed at ASX will require sustained focus and disciplined execution, Jarden said.

Jarden maintained its neutral rating and AU$57.15 share price target on ASX.