PIAC responded to the AER’s proposed amendments to the ring-fencing guideline for Distribution Network Service Providers. PIAC supports the intent of the AER’s proposed amendments to improve the clarity of the ring- fencing guidelines and to reduce any unnecessary regulatory burden in compliance. However, PIAC outlines several concerns that the AER: ensure that only regulatory compliance and not other types of regulatory services are exempt from legal separation obligations; provide further justification for exempting certain corporate staff positions from non-sharing obligations; and clarify the type of research which is exempt from information sharing restrictions.