Greyhounds Australasia (GA) advises participants that it has made application to the Australian Securities and Investments Commission (ASIC) to obtain relief 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.
GA beliefs the relief being sought would give Controlling Bodies greater ability to manage and control syndicates within the scope of their legislative powers.
The basic limitations on an offer for subscription to a scheme are proposed as follows:
- no more than 20 participants; and
- the total amount sought by way of subscriptions not to exceed $150,000
Our application, first lodged in August 2011 remains in the hands of ASIC awaiting decision.
We will update participants on any developments in this regard.
