Frequently asked questions about financial services regulation QFS 151 Does Policy Statement 179 affect whether a client of a managed discretionary account is a wholesale client?

No. In Policy Statement 179 Managed discretionary account services PS 179 at paragraph PS 179.6, we state that as a matter of general policy we will regulate persons contracting with clients to provide managed discretionary account (MDA) services as providers of financial services rather than issuers of a financial product. However, this does not affect the characterisation of whether a person is a retail or wholesale client, but merely explains the basis for the exemptions that are provided under PS 179.

Whether a client is a wholesale client in relation to a financial service is determined by applying the Corporations Act 2001 and any relevant regulations. We consider that regulation 7.1.27 will determine whether a client of an MDA service provider is retail or wholesale. This regulation applies because an MDA service is still a financial product under the law.

Regulation 7.1.27 provides that when a client is a wholesale client in relation to a financial product, the client ... more.

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