Who is classified as wholesale client?

Wholesale client is also referred as sophisticated investor.

S708(8) of the Corporations Act characterises Sophisticated investors as:

(a) Investors making investments where the minimum amount payable for the securities on

acceptance of the offer by the person to whom the offer is made is at least $500,000; OR

(b) The amount payable for the securities on acceptance by the person to whom the offer is made

(i) Has net assets of over $2.5 million; OR

(ii) Has a gross personal income over the last 2 years of at least $250,000, which is evidenced by a Qualified Accountants Certificate.

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