Screen and record wholesale or sophisticated client status
Key facts
- Human involvement
- GreenLawyer review
- How AI is used
- Extract the test relied on, the figures, the certificate date and the certifier's details from each client file into the classification record, and flag certificates outside the period the regulations allow, figures that do not meet the threshold, and files with no evidence at all.
- What the lawyer must review
- The lawyer decides which test applies to this client and this product, confirms the certificate is from a qualified accountant and certifies what the regulations require, checks the product value against the actual investment, and decides the consequences for any client wrongly treated as wholesale.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Extract the test relied on, the figures, the certificate date and the certifier's details from each client file into the classification record, and flag certificates outside the period the regulations allow, figures that do not meet the threshold, and files with no evidence at all. |
| Lawyer | The lawyer decides which test applies to this client and this product, confirms the certificate is from a qualified accountant and certifies what the regulations require, checks the product value against the actual investment, and decides the consequences for any client wrongly treated as wholesale. |
Checklist
- Confirm the instructions, the jurisdiction and the complete relevant material before starting.
- The lawyer decides which test applies to this client and this product, confirms the certificate is from a qualified accountant and certifies what the regulations require, checks the product value against the actual investment, and decides the consequences for any client wrongly treated as wholesale.
- Check the output against the source documents named in it before it is relied on.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| Record of retail, wholesale or sophisticated client status | Memo | AI use Yellow | Working record under sections 761G and 761GA of the Corporations Act 2001. |
Signed-in accounts can read the full text of each one. All precedents.
Sources
- https://www.asic.gov.au/regulatory-resources/financial-services/financial-product-disclosure/certificates-issued-by-a-qualified-accountant · 2026-09-27
- https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Wholesaleinvestor/Report/Chapter_2_-_The_wholesale_investor_and_client_tests · 2026-09-27
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.