36 Meaning of wholesale investor

A person is a wholesale investor,—

(a)

in relation to an offer of financial products, when the person is a wholesale investor under the definition of that term in clause 3; or

(b)

in relation to the supply of a discretionary investment management service or any other relevant transaction, if (at the relevant time) the person—

(i)

is an investment business (see clause 37); or

(ii)

meets the investment activity criteria specified in clause 38; or

(iii)

is large (see clause 39); or

(iv)

is a government agency (see clause 40); or

(v)

is an eligible investor (see clause 41).