3.6 The Manager and responsible entity of a Horse racing scheme

3.6.1   The requirement to be licensed

The manager and responsible entity of a horse racing scheme that is:

  1. a registered managed investment scheme;
  2. a personal offer scheme; or
  3. a wholesale scheme;

MUST be an AFS Licensee.

The responsible entity of a registered scheme MUST be a public company that holds an AFS licence authorizing it to operate a managed investment scheme [Section 601FA].

The responsible entity MUST operate the scheme and perform the functions conferred on it in accordance with the scheme’s constitution and the Act. The responsible entity may appoint an agent, or otherwise engage a person, to do anything that it is authorized to do in connection with the scheme [Section 601FB].

3.6.2   The manager, if not the promoter, of a lead regulator approved (ASIC Instrument compliant) scheme need not be licensed

The ASIC Instrument includes terms that relieve the manager, if not the promoter, from the requirement to hold an AFS Licence, with the approval of the lead regulator.