The Shareholders Association remains concerned investors risk biting off more than they can chew - when it comes to getting involved in wholesale investment schemes.
Wholesale investments promise attractive returns but those offering them don't have to provide the same level of disclosure as they would for a retail offer.
This is because they are designed to be for investors with higher levels of experience, who can evaluate the risks themselves.
This is known as the "eligible investor exemption".
An investor can engage in a wholesale deal if they are deemed "eligible" - and a lawyer or accountant must sign a certificate acknowledging their expertise.
However, the Financial Markets Authority has been raising concerns for a number of years that it is too easy for such a certification to be granted.
The FMA raised example of certification being granted based off experience such as holding a term deposit or KiwiSaver, buying or selling a rental property, and investing in shares.
And it recently asked the High Court to test whether the eligible investor exemption provision was fit for purpose.
To talk more about the case before the court and possible next steps is Oliver Mander the chief executive of the Shareholders Association and Minter Ellison Rudd Watts partner Jane Standage.
