This part deals with:
(a) the statutory provisions that require a managed investment scheme to be registered and the exceptions to this requirement; and
(b) 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 [a promoter] 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:
(a) will, prima facie, fall WITHIN the requirement for registration under section 601ED, regardless of the number of members; and
(b) MUST be registered as a managed investment scheme, UNLESS it qualifies [and is established] as an unregistered scheme that is:
(i) a personal offer scheme;
(ii) a wholesale scheme; or
(iii) a lead regulator approved (ASIC Instrument compliant) syndicate.
An “offer of interests” in:
(a) a registered scheme MUST be the subject of a PDS that complies with the requirements of the Corporations Act; and
(b) an ASIC Instrument compliant syndicate MUST be the subject of a PDS that:
(i) complies with the requirements of the Corporations Act and the ASIC Instrument; and
(ii) is approved by a lead regulator.
 the promoter test is in section 601ED(1)(b)
 section 1012E
 Section 761G
 ASIC Corporations (Horse Schemes) Instrument 2016/790