A retail client is any client who does not classify as a “wholesale client” under the Corporations Act 2001 (“Corporations Act”). A wholesale client includes:

A person or entity that has obtained a qualified accountant’s certificate stating they have net assets of at least AUS $2.5 million, or a gross income for each of the last two financial years of at least AUS $250,000. The certificate lasts for two years before it needs to be renewed.

A professional investor, which includes, among others, financial services licensees, bodies regulated by Australian Prudential Regulation Authority (“APRA”), superannuation funds, as well as a person or entity who controls gross assets of at least AUS $10 million (including any amount held by an associate or under a trust that the person manages).