Financial Markets Conduct Act 2013

41 Eligible investors

(1)

A person (A) is an eligible investor, in relation to a relevant transaction or class of relevant transactions, if—

(a)

A certifies in writing, before the relevant time,—

(i)

as to the matters specified in subclause (2) or (3) or (4) (as the case may be); and

(ii)

that A understands the consequences of certifying himself, herself, or itself to be an eligible investor; and

(b)

A states in the certificate the grounds for this certification; and

(c)

an authorised financial adviser, a qualified statutory accountant, or a lawyer signs a written confirmation of the certification in accordance with clause 43.

(2)

In relation to an offer of financial products (or a class of those transactions), A must certify that A has previous experience in acquiring or disposing of financial products that allows A to assess—

(a)

the merits of the transaction or class of transactions (including assessing the value and the risks of the financial products involved); and

(b)

A’s own information needs in relation to the transaction or those transactions; and

(c)

the adequacy of the information provided by any person involved in the transaction or those transactions.

(3)

In relation to the supply of a discretionary investment management service (or a class of those services), A must certify that A has previous experience in acquiring or disposing of financial products that allows A to assess—

(a)

the merits of the service or services to be provided (including assessing its value and the risks involved); and

(b)

A’s own information needs in relation to the service or services; and

(c)

the adequacy of the information provided by any person involved in the service or services.

(4)

In relation to any other relevant transaction (or a class of those transactions), A must certify as to A’s experience and other matters prescribed for the purposes of this subclause.

(5)

The certification must specify the offer of financial products, market service, or other relevant transaction or class of relevant transactions to which it applies.

Schedule 1 clause 41(1)(c): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).