5.1 Part Summary
This part deals with the statutory provisions and the ARR that prescribe sanctions and penalties which may be imposed on persons who do not comply with the requirements of the regulatory regime.
ASIC has the power to pursue enforcement action and a range of remedies against persons who breach the provisions of the Act.
Each Principal Racing Authority, with its jurisdiction:
- is responsible for administering the ARR; and
- has the capacity to investigate and prosecute any person it suspects of breaching the ARR;
AND as a Lead regulator under the ASIC Instrument:
- is responsible for administering the terms of the relief set out in the ASIC Instrument; and
- has the capacity to refer to ASIC for investigation and prosecution, any person it suspects of breaching the Act. In fact, it is probably fair to say that ASIC has an expectation that each Principal Racing Authority will undertake appropriate surveillance activities and refer suspected breaches of the Act for investigation and prosecution.