Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]

PART 7.1 - PRELIMINARY

Division 2 - Retail clients and wholesale clients

REGULATION 7.1.28 RETAIL CLIENTS AND WHOLESALE CLIENTS: ASSETS AND INCOME

7.1.28(1)
For subparagraph 761G(7)(c)(i) of the Act, $2.5 million is specified.

7.1.28(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, 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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