Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p4
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 7593–10457

horse racing syndicates registered by the lead regulator for the purposes of this instrument; and
(b) remove from the register any promoter who does not comply with the lead regulator's rules relating to the operation of horse racing syndicates including their promotion; and
(c) advise ASIC of the name of any promoter who has been removed from the register; and
(d) have in place adequate arrangements for:
(i) approving Product Disclosure Statements for a horse racing syndicate where the lead regulator is satisfied that the Product Disclosure Statement is accurate and contains:
(A) the information required by subsection 5(3); and
(B) sufficient other information to allow prospective participants in the syndicate to make an informed decision as to whether to acquire an interest in the syndicate; and
(ii) reviewing Product Disclosure Statements within a reasonable time after they are submitted to the lead regulator for approval; and
(iii) ensuring that the promoter of a horse racing syndicate provides to the lead regulator all relevant documents in relation to the horse racing syndicate in accordance with subsection 5(7); and
(iv) dealing with complaints and disputes received by the lead regulator about the conduct of promoters, managers or the operation of horse racing syndicates; and
(v)  regularly monitoring advertising of horse racing syndicates for inappropriate, misleading or deceptive content; and
(vi) regularly monitoring compliance by promoters and managers of horse racing syndicates with the applicable conditions of this instrument, the promoter's Australian financial services licence and the manager's Australian financial services licence (if any); and
(e) notify ASIC if the lead regulator identifies conduct by a promoter or manager of a horse racing syndicate that may involve breaches of Chapter 7 of the Act, in addition to taking any action against the promoter or manager in relation to that conduct that it is appropriate for the lead regulator to take; and
              Note:  Breaches of the Act include breaches of the applicable conditions of this instrument and breaches of an Australian financial services licence.
(f) ensure that all employees and associates of a promoter that is registered with the lead regulator have agreed to be bound by the rules and requirements of the lead regulator relating to horse racing syndicates; and
(g) lodge with ASIC an annual report of the lead regulator's performance of the functions set out in paragraphs (a) to (f).

Part 2—Exemptions

5 Horse racing syndicates

Exemption
(1) A person that is a promoter or a manager of a horse racing syndicate does not have to comply with subsection 601ED(5) of the Act in relation to the operation of the syndicate.

Where exemption applies
(2) The exemption in subsection (1) applies in relation to a horse racing syndicate where all