ASIC proposes to raise horse racing syndicate investment to $50K
The Australian Securities and Investments Commission (ASIC) has proposed to raise the investment limit for a horse racing syndicate from $250,000 to $500,000.
The proposal was part of its consultation paper proposing to maintain relief that ASIC has previously provided in relation to certain horse racing and horse breeding schemes, and part of ASIC's response to the ‘sunsetting' of legislating instruments.
In terms of Class Order [CO02/319] horse racing syndicates, ASIC has proposed to:
- raise the investment limit for a horse racing syndicate from $250,000 to $500,000;
- increase the maximum number of members for a horse racing syndicate from 20 to 50;
- formalise the co-regulatory arrangements between ASIC and the lead regulators; and
- impose additional content requirements for a product disclosure statement for a horse racing syndicate.
For horse breeding schemes, ASIC proposed to continue the relief under Class Order [CO 02/172] horse breeding schemes: private broodmare syndication; and Class Order [CO 02/178] horse breeding schemes: private stallion syndication.
ASIC has also proposed to combine the two class orders in a single legislative instrument.
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