2.1 Part Summary
This part deals with:
- the statutory provisions that require a managed investment scheme to be registered and the exceptions to this requirement; and
- the ARR that require an “offer of interests” in a horse racing scheme to be the subject of a PDS approved by a lead regulator.
A horse racing scheme established as a one-off “private” scheme may not require registration. To qualify as a “private” scheme it MUST NOT require registration under section 601ED. In other words, it MUST NOT have more than 20 members and the person who established it MUST NOT be in the business of dealing in interests in such schemes
A horse racing scheme established by a person (promoter ) who is in the business of dealing in interests in such schemes:
- will, prima facie, fall WITHIN the requirement for registration under section 601ED, regardless of the number of members; and
- MUST be registered as a managed investment scheme, UNLESS it qualifies [and is established] as an unregistered scheme that is:
An “offer of interests”:
- in a registered scheme MUST be the subject of a PDS; and
- in an ASIC Instrument compliant syndicate MUST be the subject of a PDS approved by a lead regulator.