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Wholesale investor and wholesale client tests

The Law Council of Australia provided a submission to the Parliamentary Joint Committee on Corporations and Financial Services about its inquiry into the wholesale investor test for offers of securities (Section 708 of Chapter 6D of the Corporations Act 2001 (Cth) and the wholesale client test for financial products and services (Sections 761G and 761GA of Chapter 7 of the Corporations Act) (which have been referred to collectively as ‘the wholesale investor/client tests’), which commenced on 20 March 2024 (the Inquiry).

The Law Council’s comments on each respective item of the Inquiry’s Terms of Reference are set out in the submission, using the same numbering as the Terms of Reference. Unless otherwise stated, these comments reflect the shared views of the Corporations Committee and the Financial Services Committee. The Taxation Committee and the Superannuation Committee only express the views which have been specifically attributed to them in the submission.

Read the full submission below.

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