Aug 30 (Reuters) - Australia's corporate regulator and the central bank on Wednesday jointly voiced their expectations from ASX's interactions with the advisory group that will guide the bourse operator around its trading software replacement.

In March this year, the Australian Securities and Investment Commission (ASIC) began investigating an oversight related to ASX's failed replacement of the Clearing House Electronic Subregister System (CHESS) software.

The regulator had set up an advisory group to guide ASX over shortfalls related to the adequacy of the company's stakeholder engagement and governance process and how it would manage intragroup conflicts of interest pertaining to the CHESS replacement program.

The letter urges ASX's two units – ASX Clear Pty Limited and ASX Settlement Pty Limited – to resource, consult and engage with the advisory group in "good faith and in the public interest", ASIC said.

"We are prepared to use all available regulatory measures to ensure ASX Clear and ASX Settlement comply with our expectations and obligations under the Corporations Act," ASIC Chairman Joe Longo said.

ASIC and the Reserve Bank of Australia are co-regulators for the clearance process, with the two bodies exercising supervisory responsibilities for certain clearing and settlement facilities in the ASX group. (Reporting by Roushni Nair in Bengaluru; Editing by Shailesh Kuber)