A person with a certificate from a qualified accountant certifying they have a prescribed net asset or gross income level. This gives them an exemption under the Corporations Act 2001. That means they can buy financial products without a regulated disclosure document such as a prospectus or product disclosure statement.A person holding a certificate is a:‘sophisticated investor’ for the purposes of Chapter 6D (if offered debt or shares), or‘wholesale client’ for the purposes of Chapter 7 (if offered a financial product, other than insurance, superannuation or a retirement savings account product or service) and the financial product is not used in connection with a businessTo be eligible for a certificate, you must have:a gross income of $250,000 or more per year in each of the previous two years, ornet assets of at least $2.5 million (reg 6D.2.03 and reg 7.1.28)
LMG Price at posting:
5.4¢ Sentiment: Buy Disclosure: Held
