Memo · Financial Services Regulation
Record of retail, wholesale or sophisticated client status
Working record under sections 761G and 761GA of the Corporations Act 2001. Dollar thresholds that sit in the regulations are left blank. The principal decides the status.
- Kind
- Memo. An internal or advice memo.
- Where it applies
- Commonwealth
- AI use
- Yellow You and the tool draft together, with you directing. You check every statement you rely on.
- Law stated as at
- 22 October 2026
- Status
- Maintained. Checked on 22 October 2026 against the 2 authorities it cites, for Commonwealth.
- Version
- 1
- Source
- Written for this library
When to use it
Use when a licensee screens whether a product or service is provided to a person as a retail client, or whether section 761GA is being relied on. Do not use it as the client's certificate or as the client's acknowledgment.
Used for these tasks
Each task page says how far AI may help with the task and what the lawyer must review.
How AI may be used
AI may copy the product name and attach the certificate or acknowledgment the principal supplies, without saying what status follows.
AI may
- Insert the product name and the date of the proposed provision
- Note the date of any accountant's certificate or client acknowledgment in the file
AI must not
- Must not decide that the person is a wholesale client or a sophisticated investor
- Must not type a dollar threshold from memory
- Must not draft the client's acknowledgment or the accountant's certificate
The lawyer checks
- The subsection is chosen from the product: general insurance under subsection (5), superannuation and RSAs under subsection (6), other products under subsection (7)
- A subsection (7) product is presumed to be provided to a retail client in non-criminal proceedings unless the contrary is established
- Section 761GA is used only where every paragraph (a) to (f) is met, including the client's signature before or at the time of provision
Method: how the Green, Yellow and Red levels are decided. This is guidance for planning, not legal advice.
Read the full text
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- read the whole precedent, with its drafting notes beside it;
- copy it, or download it as a Word file or Markdown;
- add it to your firm’s knowledge base, so colleagues can find it;
- let the AI tools you connect read it from that knowledge base.
The summary, the law it rests on and the AI-use guidance above stay public. Privacy.
More in Financial Services Regulation
- Authorised representative agreement and written authorisation (AFS licensee)
- File review against the best-interests steps in section 961B
- AFCA complaint: online form and downloadable complaint form
- Reportable situation (breach) report to ASIC: assessment worksheet and completion guide
- Regulation Best Interest recommendation review checklist
- Client notice for AI-assisted or digital financial advice
- AFCA agent authority
- Hardship notice response letters under the National Credit Code (information request, decision and notice of change)
- Form CRS filing and delivery review checklist
- Review a benefit against the conflicted remuneration provisions that were opened
- Distributor’s design and distribution reports to the issuer: significant dealing notice, complaints report and periodic report
- AFCA statement of financial position
- AFS or credit licensee AI governance policy
- Regulation Best Interest conflict procedures checklist
- Client money handling checklist and procedure for an AFS licensee (s 981B accounts)
- Credit reporting correction request worksheet
- AFCA resolution of directors
- Target market determination (template with statutory checklist)
- Regulation Best Interest care and profile checklist
- Responsible lending unsuitability assessment record (credit providers)
- Internal dispute resolution (IDR) final response letter, with delay notification
All precedents for Financial Services Regulation · Tasks and AI use in this area