SYNDICATION, PROMOTION AND THE OFFERING OF SHARES IN RACEHORSES

A person who offers/promotes shares in a racehorse to a third party may be liable to substantial penalty by ASIC if they are not appropriately licensed.

Racing NSW is a lead regulator (appointed by the Australian Securities and Investments Commission (ASIC)) of the syndication of racehorses in NSW, which is regulated by the ASIC Corporations (Horse Schemes) Instrument 2016/790.

The Corporations Act and the Instrument requires any person promoting interests in horse racing schemes to hold the appropriate licence (an Australian Financial Services Licence (AFSL)) issued by the ASIC.

They must also be approved by Racing NSW and recorded on the of Approved Promoters or of Authorised Representatives.

Any person whose activities are covered by the above description and who is not currently licensed should their legal adviser for advice, or Racing NSW and the ASIC for information. Until such time as an AFSL is obtained, as well as Racing NSW approval, such person should cease offering shares in racehorses.

• Racing NSW of Approved Promoters and Authorised Representatives

New Information, requirements and revised forms January 2017

• Selling Shares in Racehorses – Information and Conditions
• Application to lodge a Product Disclosure Statement with Racing NSW
• Statutory Declaration on Registration of the Scheme
• Guide to Ownership
• Management Fees
• Proforma Customer Identification Form

ASIC related notices

• ASIC Media Release 31 August 2016 - ASIC releases new Instrument for horse Schemes
• Racing Australia Media Release 31 August 2016 - ASIC’s Key Changes to Horse Racing Syndicates

• Australian Securities and Investments Commission (ASIC)
• ASIC Corporations (Horse Schemes) Instrument 2016/790
• ASIC Regulatory Guide 91 ‘ Horse Racing and Breeding Schemes’
• ASIC Regulatory Guide 168 ‘ Disclosure: Product Disclosure Statements (and other disclosure obligations)’
• Corporations Act 2001

General Registration Information Click Here