Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.28

Retail clients and wholesale clients: assets and income

             (1)  For subparagraph 761G(7)(c)(i) of the Act, $2.5 million is specified.

             (2)  For subparagraph 761G(7)(c)(ii) of the Act, $250 000 is specified.

Note:          Under paragraph 761G(7)(c) of the Act, if a financial product is not, or a financial service provided to a person does not relate to, a general insurance product, a superannuation product or an RSA product, the product or service is provided to the person as a retail client unless:

(a)    the client is a wholesale client under paragraph 761G(7)(a), (b) or (d) of the Act; or

(b)    the person who acquires the product or service gives the provider of the product or service, before the provision of the product or service, a copy of a certificate given within the preceding 6 months by a qualified accountant that states that the person:

(i)      has net assets of at least the amount specified in regulations made for the purposes of subparagraph 761G(7)(c)(i) of the Act; or

(ii)     has a gross income for each of the last 2 financial years of at least the amount specified in regulations made for the purposes of subparagraph 761G(7)(c)(ii) of the Act a year.



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