Inquiry into the Corporations Act 2001 laws and related regulations on the wholesale investor test for offers of securities (Section 708 of Chapter 6D) and the wholesale client test for financial products and services (Sections 761G & 761GA of Chapter 7) (referred to collectively as the wholesale investor/client tests), including:

1. review of the current wholesale investor/client tests, including: legal requirements, identification of all contexts in which the tests are relevant, the consequences of an investor/client meeting the relevant test, and the application of the tests in practice;

2. the historical development in Australia of the wholesale investor/client tests and consideration of any previous reviews and inquiries;

3. comparison with comparable overseas jurisdictions, including any proposed or recent changes to tests used in similar contexts;

4. consideration of any proposals to change the wholesale investor/client tests, including: any evidence to support such proposals, the possible consequences (both intended and unintended) of any change to the wholesale investor/client tests, the costs and benefits of any change, the impact of any change on different cohorts of investor/client and other stakeholders;

5. any potential adjustments to proposals to change the wholesale investor/client tests to address the concerns of stakeholders;

6. the process to be adopted prior to settling any change to the wholesale investor/client tests, including any additional Government consultation process necessary to ensure full and proper consultation prior to implementing any change; and

7. any related matters.