SIAA’s discussion paper on the wholesale investor test examining whether it needs to change addresses the issues of:
• whether there is evidence of harm to support calls for change
• how the test is applied in practice
• existing regulatory protections for wholesale investors and
• the consequences for advisers and investors of a change in the test.
The Best Practice Guidelines for Research Integrity have been adopted by the Stockbrokers and Investment Advisers Association to assist analysts and their firms in managing potential conflicts of interest which may influence research reports and investment recommendations. The Guidelines are not mandatory, but provide a benchmark for best practice by the industry.