3.5 The requirement under the ARR that a promoter be licensed and on the register of approved promoters of a lead regulator

“SR 9 – Promoter Syndicates

1. Any person who wants to make an offer to promote shares in a horse/s must:
   
   
   1. hold an Australian Financial Services Licence (“AFSL”) issued by ASIC;
   2. comply with any provision of the Corporations Actr in relation to the promotion, offering, or issue of shares in horses; and
   3. comply with the prvisions and requirements of any applicable ASIC Class Order or instrument [including ASIC Corporations (Horse Schemes) Instrument 2016/790, or any successor to it] in relation ro the promotion, offering, or issue of shares in horses”.