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Trainers; Bloodstock Agents; Persons Offering Shares In Racehorses

Racing NSW is a lead regulator (appointed by the Australian Securities and Investments Commission (ASIC)) of the syndication of racehorses in NSW, which is regulated by ASIC issued Class Order No. CO 02/319.

The Corporations Act and Class Order requires any person promoting interests in horse racing schemes to hold the appropriate licence (an Australian Financial Services Licence (AFSL)) issued by the ASIC.

They must also be approved by Racing NSW and recorded on the Register of Approved Promoters or Register of Authorised Representatives. The purpose of such requirement is to ensure that the interests of investors in these schemes are protected.

ASIC has now signalled its intention, from 11 March 2004 (when the 2-year transitional period for the phasing-in of the Federal Government's financial services reforms expires), to ensure compliance by those in the racehorse syndication industry with the law.

As a co-regulator of the Class Order, this notice is issued by Racing NSW to ensure that the industry is aware of the Class Order, when and to whom it applies and its terms and conditions. If you have any doubts about it you should seek independent legal advice.

A person who offers/promotes shares in a racehorse to a third party may be liable to substantial penalty by ASIC if they are not appropriately licensed. For example, this will include a trainer who offers shares in a racehorse, whether to new or existing clients. It is not just limited to those recognised in the market as promoters.

Any person whose activities are covered by the above description and who is not currently licensed should contact their legal adviser for advice, or Racing NSW and the ASIC for information. Until such time as an AFSL is obtained, as well as Racing NSW approval, such person should cease offering shares in racehorses.

Application forms for an AFSL can be obtained from the ASIC - contact its licensing department on 1300 300 630 or visit www.asic.gov.au.

Applications to be included on Racing NSW's Register of Approved Promoters or Register of Authorised Representatives can be obtained from:

The Regulatory DivisionRacing NSW
Level 7,
51 Druitt St,
Sydney,
NSW 2000.
Phone: (02) 9551 7500.

To go directly to the relevant forms for downloading - Click Here

Issued by RACING NSW, March 2004

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