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This paper discusses a method of regularity imposition onto biorthogonal linear-phase M-band filterbanks using the lattice structure. A lifting structure is proposed for lattice matrix parameterization where regularity constraints can be imposed. The paper focuses on cases with analysis and synthesis filterbanks having up to two degrees of regularity. Necessary and sufficient conditions for regular filterbanks in terms of the filter impulse response, frequency response, scaling function, and wavelets are revisited and are derived in terms of the lattice matrices. This also leads to a constraint on the minimum filter length. Presented design examples are optimized for the purpose of image coding, i.e., the main objectives are coding gain and frequency selectivity. Simulation results from an image coding application also show that these transforms yield improvement in the perceptual quality in the reconstruction images. The approach has also been extended to the case of integer/rational lifting coefficients, which are desirable in many practical applications.