Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p9
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 20388–23072

promoter must provide to ASIC any assistance or information reasonably required by ASIC in relation to the promoter or the horse racing syndicate.
(13) The promoter must, before or on registration of the horse racing syndicate with the lead regulator, ensure that either:
(a) the participants in the horse racing syndicate have unencumbered title to the whole of the horse racing syndicate horses; or
(b) the participants in the horse racing syndicate lease the whole of the horse racing syndicate horses under a finance lease agreement in standard form.
(14) The promoter must comply with section 1017D of the Act as if interests in the horse racing syndicate were a managed investment product.

6 Horse Breeding Schemes

Registration relief
(1) An operator of a private horse breeding scheme does not have to comply with subsection 601ED(5) of the Act in relation to the operation of the scheme.

Licensing relief
(2) An operator of a private horse breeding scheme does not have to comply with the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of financial services in relation to interests in the scheme.
(3) A person (other than a person to whom subsection (2) applies) does not have to comply with the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of financial services in relation to interests in a managed investment scheme which appears to meet the definition of private horse breeding scheme except where the person is aware, or ought reasonably to be aware, that the scheme does not meet that definition.
Note: For a managed investment scheme to be a private stallion scheme to which this instrument applies, each promoter must at all times hold either an Australian financial services licence or 10% fully paid of all interests in the scheme: definition of private stallion scheme.

Hawking relief
(4) An operator of a private horse breeding scheme does not have to comply with section 992A of the Act in relation to an offer of an interest in the private horse breeding scheme to a person in the course of, or because of, an unsolicited contact with the person, if, at the commencement of the unsolicited contact, the person was a person to whom a personal offer of the interest within the meaning of subsection 1012E(5) of the Act could have been made.

Financial product disclosure relief
(5) An operator of a private horse breeding scheme does not have to comply with Part 7.9 of the Act (other than sections 1017E, 1017F, 1020D and 1021O) in relation to any of the following:
(a) a recommendation to acquire an interest in the