4 Who are wholesale clients


A person is a wholesale client, in relation to a financial advice service or a client money or property service (unless the person has opted out from being a wholesale client under clause 5) if—


the person is an investment business under clause 37 of Schedule 1; or


the person meets the investment activity criteria specified in clause 38 of Schedule 1; or


the person is large under clause 39 of Schedule 1; or


the person is a government agency under clause 40 of Schedule 1; or


the person is in the business of being a product provider and receives the financial advice service or client money or property service in the course of that business; or


the person is an eligible investor in relation to the service under clause 41 of Schedule 1.


The relevant time, for the purposes of applying Schedule 1 under subclause (1), is the time immediately before the service is supplied to the person.


If subclause (1) applies to a person (C), it applies equally to any entity controlled by C to the same extent as it applies to C (where controlled has a meaning that corresponds to the definition of control in clause 48 of Schedule 1).

Compare: 2008 No 91 s 5C

Schedule 5 clause 4: inserted, on 15 March 2021, by section 60 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).