Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p5
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 10215–13074

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 of the following are satisfied:
(a) the promoter of the syndicate:
(i) holds an Australian financial services licence authorising the promoter to provide financial services in relation to the syndicate; and
(ii) is registered by a lead regulator as the promoter of the syndicate;
(b) there are no more than 50 participants in the syndicate;
(c) the total amount raised from the issue of interests in the syndicate does not exceed $500,000;
(d) each Product Disclosure Statement given in relation to interests in the syndicate:
(i) contains the information and statements required by subsection (3); and
(ii) has been approved by the lead regulator;
              Note: Because a reference to a Product Disclosure Statement is taken to:
                (a)     include the information and statements contained in any Supplementary Product Disclosure Statement (section 1014D of the Corporations Act); and
                (b)     be a reference to any Replacement Product Disclosure Statement (section 1014J of the Act);
              any Supplementary or Replacement Product Disclosure Statement for the syndicate must meet the requirements of paragraph (d).
(e) if:
(i) applications for the minimum number of interests in the syndicate are not received; or
(ii) the minimum amount for the syndicate has not been raised,
           within 6 months after the date on which the Product Disclosure Statement in respect of the syndicate is approved by the lead regulator all money received from any person who applied to participate in the syndicate, together with interest (if any) which accrued in respect of that money, is repaid within 10 business days after the end of that 6 month period;
(f) from 45 days after:
(i) applications for the minimum number of interests in the syndicate are received; or
(ii) the minimum amount for the syndicate has been raised,
the syndicate is registered with the lead regulator;
(g) the syndicate agreement for the horse racing syndicate includes the terms referred to in subsection (4), unless these terms are excluded, modified or varied with the written agreement of all participants in the syndicate.

Product Disclosure Statement requirements
(3) For the purposes of subparagraph (2)(d)(i), the information and statements required in the Product Disclosure Statement are all of the following:
(a) the information required by Subdivision C of Division 2 of Part 7.9 of the Act;
(b) the name of the horse or horses to which the syndicate relates;
(c) the name of the promoter of the syndicate;
(d) the name of the manager of the syndicate;
(e) an undertaking by the promoter that