Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.1.28

         (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.