---
title: "Record of retail, wholesale or sophisticated client status"
url: "https://ailawframework.com/precedents/financial-services-regulation/wholesale-client-status-record"
type: "precedent"
site: "AI Law Framework"
id: "a28-wholesale-client-status-record"
area_id: "A28"
kind: "memo"
ai_level: "yellow"
version: 1
task_ids: ["A28-X20260927-8"]
law_stated_as_at: "2026-10-22"
---

# 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.

Canonical page: https://ailawframework.com/precedents/financial-services-regulation/wholesale-client-status-record  
Law stated as at: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

- Kind: Memo. An internal or advice memo.
- Practice area: [Financial Services Regulation](https://ailawframework.com/precedents/financial-services-regulation.md)
- Jurisdictions: Commonwealth
- AI level: Yellow. You and the tool draft together, with you directing. You check every statement you rely on.
- Law stated as at: 2026-10-22
- Status: Maintained. Checked on 2026-10-22 against the 2 authorities it cites, for Commonwealth.

## 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

- [Screen and record wholesale or sophisticated client status](https://ailawframework.com/practice/financial-services-regulation/screen-and-record-wholesale-or-sophisticated-client-status.md)

## 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

## Authorities

- [Corporations Act 2001 (Cth) s 761G (retail client tests for general insurance, superannuation and RSAs, other products, the presumption, and the small-business definition)](https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s761g.html)
- [Corporations Act 2001 (Cth) s 761GA (sophisticated investor: experience, written reasons, and the client's signed acknowledgment)](https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s761ga.html)

## Full text and drafting notes

The full text and the drafting notes are not part of this public page. Signed-in firm accounts can read them at https://ailawframework.com/precedents/financial-services-regulation/wholesale-client-status-record and through the signed-in MCP connector https://ailawframework.com/mcp/firm.

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*