“Wholesale Clients” within the meaning of the Corporations Act are summarised as investors who satisfy one or more of the following criteria:
a. The investor invests or agrees to invest at least A$500,000 in the Trust;
b. The investor is investing in connection with a business which employs at least 20 people (or if the investor’s business includes the manufacture of goods, employs at least 100 people);
c. The investor is not investing in connection with a business and gives an accountant’s certificate certifying the investor has either or both of:
(i) Net assets of at least A$2.5 million;
(ii) Gross income for each of the last two years of at least A$250,000.
d. The investor is not investing in connection with a business and:
(i) A licensed financial services licensee is satisfied that the investor has previous experience in using financial services and investing in financial products that allows the investor to assess the merits, value, risks of the product or service,
the investor’s own information needs and the adequacy of the information given by the product issuer;
(ii) The licensee gives the investor a written statement of the licensee’s reasons for being satisfied as to those matters.
e. The investor signs a written acknowledgement of waiver of its rights to be treated as a retail client;
f. The investor is itself an Australian financial services licensee;
g. The investor is a body regulated by APRA (i.e. a bank, a building society, a life insurance
company, or insurance company, but excluding superannuation trustees – these are covered by (h) below);
h. The investor is a body registered under the Financial Corporations Act 1974 (merchant banks etc.);
i. The investor is the trustee of either a:
(i) A superannuation fund;
(ii) An approved deposit fund;
(iii) A pooled superannuation trust;
(iv) A public sector superannuation scheme, within the meaning of the Superannuation Industry (Supervision) Act 1993 and the fund, trust or scheme has net assets of at least A$10 million.
j. The investor controls at least A$10 million (including any amount held by an associate or under a trust that the person manages);
k. The investor is a listed entity on ASX or other Australian stock markets, or a related body corporate of a listed entity;
l. The investor is an exempt public authority;
m. The investor is a body corporate, or an unincorporated body, that:
(i) Carries on a business of investment in financial products, interests in land or other investments; and
(ii) For those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public, the terms of which provided for the funds subscribed to be invested for those purposes.
n. The investor is a foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.