❓ Hon Colin Holt asks about regulations prohibiting trainers from advertising shares in racehorse syndicates, and the Minister provides information on the relevant legislation, rationale, and review process.
AnsweredQoN 133Legislative Council
QuestionView source ↗
RACEHORSE SYNDICATES
133. Hon COLIN HOLT to the minister representing the
Minister for Racing and Gaming:
I refer to legislation and
regulations in regard to racing in Western Australia.
(1) Under what
legislation or regulations are thoroughbred horse trainers prohibited from
advertising shares in horses?
(2) Do these rules also apply to
standardbreds and greyhounds?
(3) What is the rationale for such a
prohibition?
(4) When were
these rules last reviewed; who conducted that review; is that review publicly
available; and, if it is available, where can it be accessed?
133. Hon COLIN HOLT to the minister representing the
Minister for Racing and Gaming:
I refer to legislation and
regulations in regard to racing in Western Australia.
(1) Under what
legislation or regulations are thoroughbred horse trainers prohibited from
advertising shares in horses?
(2) Do these rules also apply to
standardbreds and greyhounds?
(3) What is the rationale for such a
prohibition?
(4) When were
these rules last reviewed; who conducted that review; is that review publicly
available; and, if it is available, where can it be accessed?
AnswerView source ↗
I thank the member for this very
interesting question. The following information has been provided to me by the
Minister for Racing and Gaming.
(1) Racehorse
syndicates are managed investment schemes under the meaning of the commonwealth
Corporations Act 2001 and are regulated under that act or the ASIC Corporations
(Horse Schemes) Instrument 2016/790 in accordance with ASIC Regulatory Guide
91. Racehorse syndicates are also subject to the Australian Rules of Racing.
(2) Yes.
(3) Trainers are
unable to advertise shares without a conditional relief granted by a lead
regulator; in this case, it is Racing and Wagering Western Australia. This
reflects the stringent requirements of the Australian Securities and
Investments Commission in ensuring that those advertising shares in and other
credentials of horses and greyhounds are qualified to do so. This is a consumer
protection measure.
(4) The rules
were reviewed in 2016 by ASIC in consultation with lead regulators, with new
instruments and arrangements implemented. A media release titled ''ASIC
releases new instrument for horse schemes'' is available on the ASIC
website, as well as a report on the submissions received. I table the
documents.
[See paper 2456.]
interesting question. The following information has been provided to me by the
Minister for Racing and Gaming.
(1) Racehorse
syndicates are managed investment schemes under the meaning of the commonwealth
Corporations Act 2001 and are regulated under that act or the ASIC Corporations
(Horse Schemes) Instrument 2016/790 in accordance with ASIC Regulatory Guide
91. Racehorse syndicates are also subject to the Australian Rules of Racing.
(2) Yes.
(3) Trainers are
unable to advertise shares without a conditional relief granted by a lead
regulator; in this case, it is Racing and Wagering Western Australia. This
reflects the stringent requirements of the Australian Securities and
Investments Commission in ensuring that those advertising shares in and other
credentials of horses and greyhounds are qualified to do so. This is a consumer
protection measure.
(4) The rules
were reviewed in 2016 by ASIC in consultation with lead regulators, with new
instruments and arrangements implemented. A media release titled ''ASIC
releases new instrument for horse schemes'' is available on the ASIC
website, as well as a report on the submissions received. I table the
documents.
[See paper 2456.]
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