On wholesale: ruling highlights risk in regulatory bargains

The hearing was in the high court at Auckland. (Image: Getty)

Wed, 06 Jul 2022

In his decision handing the Financial Markets Authority (FMA) a mini-win against property developer Du Val last week, Justice Ian Gault devoted almost 500 words to narrow down the very broad concept of ‘wholesale investor’.Gault probably could’ve done it in seven (or six if you drop the qualifier): almost anyone can be a wholesale investor.‘If the person is large’ is my favourite wholesale excuse but the easiest way for investors to escape the suffocating confines of nanny-state retail regulatory protections is sim...

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