Greyhound Industry Continues to Push for Self Regulation of Syndicates
Tuesday 23 July 2013
Greyhounds Australasia (GA) wishes to advise participants that the Australian Securities and Investments Commission (ASIC) is progressing GA’s application to obtain relief from certain provisions of the Corporations Act with respect to the regulation of greyhound syndicates.
Under the relief sought, a promoter of certain greyhound syndicates who complies with a Controlling Bodies’ own syndicate rules, need not:
- register the managed investment scheme with ASIC;
- hold an Australian Financial Services License which is a license for any Australian businesses involved in the provision of financial services ; or
- give a Product Disclosure Statement.
Part of the application process involves ASIC undertaking a consultation period with syndicate operators and promoters, investors, consumer groups and other interested parties on the proposed relief. If individuals wish to find out more or provide a submission to ASIC, a consultation paper can be found at the following website: http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-189MR%20ASIC%20consults%20on%20regulatory%20relief%20for%20greyhound%20racing%20and%20breeding%20syndications?opendocument
To support GA’s application, and as directed by ASIC, draft syndicate rules and an offer document are also available below for review.