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Syndicate Regulatory Framework

The syndication of thoroughbred racehorses is subject to regulation under the Corporations Act and the Australian Rules of Racing

  • The Regulatory Regime
    • Introduction
    • Executive Summary
  • Part 1
    • 1.2 What is a managed investment scheme?
    • 1.3 Questions relevant to the determination of whether a horse racing scheme is a managed investment scheme
      • First Question
      • Second Question
      • Third Question
    • 1.4 Concepts not unique to this analysis of a managed investment scheme
    • 1.5 Further commentary that is relevant to this part is set out in the appendices:
  • Part 2
    • 2.2 If an arrangement satisfies the definition of a managed investment scheme and is not eligible for relief from the requirement to be registered, registration may be required under section 601ED
    • 2.3 Offers that do not require disclosure
    • 2.4 The ASIC Instrument
    • 2.5 The scope of the relief is limited to the terms of the ASIC Instrument
  • Part 3
    • 3.2 Promoter of interests in a horse racing scheme
    • 3.3 Carrying on a financial services business
      • 3.3.1 The requirement to be licensed
      • 3.3.2 Financial product
    • 3.4 Relevant case law
    • 3.5 The requirement under the ARR that a promoter be licensed and on the register of approved promoters of a lead regulator
    • 3.6 The Manager and responsible entity of a Horse racing scheme
    • 3.7 AFS Licence conditions
  • Part 4
    • 4.2 The nature of the information that must be disclosed
    • 4.3 The requirement for disclosure in relation to an “offer of shares” in a lead regulator approved (ASIC Instrument compliant) scheme
    • 4.4 General requirements for a PDS
    • 4.5 Restrictions on advertising and promotion
  • Part 5
    • 5.2 ASIC
    • 5.3 Lead regulators (principal racing authorities)
    • 5.4 Compliance Check List
  • Part 6
    • 6.2 The nature of the legal relationship between joint owners or lessees
    • 6.3 Public horse racing scheme – promoter must be licensed
    • 6.4 Private horse racing scheme – promoter may not require a licence
  • Appendixes
    • Appendix A
    • Appendix B
    • Appendix C
    • Appendix D
    • Appendix E
    • Bibliography
  • Download
    • Complete Document (PDF)
    • Summary Paper (PDF)

3.3 Carrying on a financial services business

3.3.1   The requirement to be licensed

3.3.2   Financial product
  • The Regulatory Regime
    • Introduction
    • Executive Summary
  • Part 1
    • 1.2 What is a managed investment scheme?
    • 1.3 Questions relevant to the determination of whether a horse racing scheme is a managed investment scheme
      • First Question
      • Second Question
      • Third Question
    • 1.4 Concepts not unique to this analysis of a managed investment scheme
    • 1.5 Further commentary that is relevant to this part is set out in the appendices:
  • Part 2
    • 2.2 If an arrangement satisfies the definition of a managed investment scheme and is not eligible for relief from the requirement to be registered, registration may be required under section 601ED
    • 2.3 Offers that do not require disclosure
    • 2.4 The ASIC Instrument
    • 2.5 The scope of the relief is limited to the terms of the ASIC Instrument
  • Part 3
    • 3.2 Promoter of interests in a horse racing scheme
    • 3.3 Carrying on a financial services business
      • 3.3.1 The requirement to be licensed
      • 3.3.2 Financial product
    • 3.4 Relevant case law
    • 3.5 The requirement under the ARR that a promoter be licensed and on the register of approved promoters of a lead regulator
    • 3.6 The Manager and responsible entity of a Horse racing scheme
    • 3.7 AFS Licence conditions
  • Part 4
    • 4.2 The nature of the information that must be disclosed
    • 4.3 The requirement for disclosure in relation to an “offer of shares” in a lead regulator approved (ASIC Instrument compliant) scheme
    • 4.4 General requirements for a PDS
    • 4.5 Restrictions on advertising and promotion
  • Part 5
    • 5.2 ASIC
    • 5.3 Lead regulators (principal racing authorities)
    • 5.4 Compliance Check List
  • Part 6
    • 6.2 The nature of the legal relationship between joint owners or lessees
    • 6.3 Public horse racing scheme – promoter must be licensed
    • 6.4 Private horse racing scheme – promoter may not require a licence
  • Appendixes
    • Appendix A
    • Appendix B
    • Appendix C
    • Appendix D
    • Appendix E
    • Bibliography
  • Download
    • Complete Document (PDF)
    • Summary Paper (PDF)
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