Document ID: chunk:federal_register_of_legislation:C2025C00185:section:761g:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 761G (pt 1/4)
Character Range: 2999846–3002487

761G  Meaning of retail client and wholesale client

Providing a financial product or financial service to a person as a retail client
 (1) A financial product or a financial service is provided to a person as a retail client unless subsection (5), (6), (6A) or (7), or section 761GA, provides otherwise.
Note: The references in this section to providing a financial product to a person are not to be taken to imply that the provision of a financial product is not also the provision of a financial service (see the meaning of dealing in section 766C).

Acquiring a financial product or financial service as a retail client
 (2) A person to whom a financial product or financial service is provided as a retail client is taken to acquire the product or service as a retail client.

Disposing of a financial product as a retail client
 (3) If a financial product is provided to a person as a retail client, any subsequent disposal of all or part of that product by the person is a disposal by the person as a retail client.

Wholesale clients
 (4) A financial product or a financial service is provided to, or acquired by, a person as a wholesale client if it is not provided to, or acquired by, the person as a retail client.

General insurance products
 (5) If a financial product is, or a financial service provided to a person relates to, a general insurance product, the product or service is provided to the person as a retail client if:
 (a) either:
 (i) the person is an individual; or
 (ii) the insurance product is or would be for use in connection with a small business (see subsection (12)); and
 (b) the general insurance product is:
 (i) a motor vehicle insurance product (as defined in the regulations); or
 (ii) a home building insurance product (as defined in the regulations); or
 (iii) a home contents insurance product (as defined in the regulations); or
 (iv) a sickness and accident insurance product (as defined in the regulations); or
 (v) a consumer credit insurance product (as defined in the regulations); or
 (vi) a travel insurance product (as defined in the regulations); or
 (vii) a personal and domestic property insurance product (as defined in the regulations); or
 (viii) a kind of general insurance product prescribed by regulations made for the purposes of this subparagraph.
In any other cases, the provision to a person of a financial product that is, or a financial service that relates to, a general insurance product does not constitute the provision of a financial product or financial service to the person as a retail client.

Products and services relating to superannuation and RSAs
 (6) For the