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SYNDICATION, PROMOTION AND THE OFFERING OF SHARES IN RACEHORSES

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.

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 the ASIC Corporations (Horse Schemes) Instrument 2016/790.

The Corporations Act and the Instrument 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.

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.

More Information

New Information, requirements and revised forms January 2017

ASIC related notices

 

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