On 20 March 2023, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the wholesale investor test for offers of securities (Section 708 of Chapter 6D of the Corporations Act 2001) and the wholesale client test for financial products and services (Sections 761G & 761GA of Chapter 7 of the Act) (referred to collectively as ‘the wholesale investor/client tests’).

The committee has called for written submissions by 15 May 2024.

In addition to receiving public submissions (where a submission is published on the inquiry website along with the submitter’s name) the committee is also able to receive submissions on a ‘name withheld’ or confidential basis. Further information to assist in the preparation of submissions is available here. 

The committee intends to report to the Parliament by the end of 2024.