Guinness 42 Report post Posted October 29, 2020 The Rules of Racing refers to the Financial Markets Conduct Act for monetary responsibility for Racing Managers amongst other things. My question is, Who polices this? If you try reporting anything to the NZTR or the RIU they say it is not their responsibility? If this is the case then why do they refer to the Act at all? Surely if a racing manager is not performing their financial responsibilities, they should loose their license? Or is that too simple? Quote Share this post Link to post Share on other sites More sharing options...
Leggy 4,007 Report post Posted October 29, 2020 Where does it say that? The only reference to it I see is in relation to superannuation or retiring allowances for employees of the JCA. Quote Share this post Link to post Share on other sites More sharing options...
ADM 225 Report post Posted October 30, 2020 I would have thought you would report them to the Financial Markets Authority as the FMA oversees the act. Patiti 1 Quote Share this post Link to post Share on other sites More sharing options...
TBL 32 Report post Posted October 30, 2020 Firstly.... Law and Laws EVERTHING regarded as "Property" is a Security measured Economically. Therefore the "Value' equates Financial Property. Legal-ease language cover shit-loads and yes authorized syndicators get an legal Exemption to the Financial Market Conduct Act. Authorized, licensed whatever the syndicator is Exempted from being at any fault. Quote Quote Share this post Link to post Share on other sites More sharing options...
Leggy 4,007 Report post Posted October 31, 2020 2 hours ago, TBL said: Firstly.... Law and Laws EVERTHING regarded as "Property" is a Security measured Economically. Therefore the "Value' equates Financial Property. Legal-ease language cover shit-loads and yes authorized syndicators get an legal Exemption to the Financial Market Conduct Act. Authorized, licensed whatever the syndicator is Exempted from being at any fault. How do they get exempted? Quote Share this post Link to post Share on other sites More sharing options...
Guinness 42 Report post Posted October 31, 2020 On 10/30/2020 at 11:58 AM, Leggy said: Where does it say that? The only reference to it I see is in relation to superannuation or retiring allowances for employees of the JCA. 8 hours ago, Leggy said: How do they get exempted? I refer specifically to rule 431. The owner or leasee including racing manger shall comply with the above act. If they don't, who does the policing? Quote Share this post Link to post Share on other sites More sharing options...
Leggy 4,007 Report post Posted October 31, 2020 2 hours ago, Guinness said: I refer specifically to rule 431. The owner or leasee including racing manger shall comply with the above act. If they don't, who does the policing? OK. Thanks. Fair point. I had only looked at the Act, not the Rules made under the Act. Why is that not being policed then under either Act? COMPLIANCE WITH FINANCIAL MARKETS CONDUCT ACT 431 It shall be the responsibility of any Legal Ownership Entity or combination of persons who together own or lease a horse to comply with all applicable requirements of the Financial Markets Conduct Act 2013 Quote Share this post Link to post Share on other sites More sharing options...
shaneMcAlister 1,420 Report post Posted October 31, 2020 This is my belief in how it works. Won’t be spot on but a guide line. You can not advertise for public funds unless regulated under the financial markets act. This requires a lot of admin and cost. NZTR got a rule put in place where registered syndicators can advertise for public funds but do not fall under the financial markets act and its regulations. Otherwise too expensive to operate syndicates. To get this syndicator rule past there is a three person panel that reviews syndicates at the NZTR. If a syndicate has over 40 members and investments valued at more than $2m they must be audited (something like this). So all syndicates manage to operate below this threshold. Pam Robson and meomy 1 1 Quote Share this post Link to post Share on other sites More sharing options...