Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p1
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
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Character Range: 0–2880

ASIC Corporations (Horse Schemes) Instrument 2016/790

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Horse Schemes) Instrument 2016/790 as in force on 5 October 2021. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Exemptions
5 Horse racing syndicates
6 Horse Breeding Schemes
Part 3—Savings and transitional
7 Horse racing syndicates
8 Horse breeding schemes
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Horse Schemes) Instrument 2016/790.

3 Authority
This instrument is made under subsections 601QA(1), 926A(2), 992B(1) and 1020F(1) of the Corporations Act 2001 (the Act).

4 Definitions
(1) In this instrument:
financial statement, in relation to a horse racing syndicate, means a true and fair profit and loss account and statement of assets and liabilities for the syndicate.
financial year, in relation to a horse racing syndicate, means a period of 12 months that ends on 30 June or any other day that is specified in any agreement between the manager and the lead regulator of the syndicate as the day on which the financial year for the syndicate will end.
horse racing syndicate means a managed investment scheme that has the principal purpose of racing one or more horses and distributing prizemoney won by the horse or horses to the participants in the scheme.
lead regulator, in relation to a horse racing syndicate, means a body that:
(a) is responsible for the administration of thoroughbred racing or harness racing in a State or Territory in this jurisdiction; and
(b) has entered into memorandum of understanding with ASIC that ASIC is satisfied meets the requirements of subsection (2); and
(c) is approved in writing by ASIC for the purposes of this paragraph.
manager:
(a) in relation to a horse racing syndicate, means the person:
(i) holding office as manager under the syndicate agreement; or
(ii) otherwise holding office as manager of the horse racing syndicate with the approval of the lead regulator; and
(b) in relation to a private stallion scheme, means the person named as manager in the stallion scheme agreement.
offer includes an invitation to make an offer or an application.
offeree means a person who is offered an interest in a horse racing syndicate or a private horse breeding scheme.
participant means a person who holds a beneficial interest in a horse racing syndicate or private horse breeding scheme