Rules and policies / FAQs - Greyhound Syndicates Policy
| Question | Answer |
|---|---|
| What is the Syndicates Policy? | The Syndicates Policy sets out requirements for all types of group ownership of greyhounds. The purpose of the Policy is to ensure that the welfare of any greyhound owned by a syndicate is protected, and that the integrity of racing is maintained. |
| Why has it been introduced? | The new Greyhound Racing Rules do not include rules relating to syndicates or other forms of group ownership. Rather than making local rules about group ownership of greyhounds, the Commission has introduced a formal policy to regulate syndicate ownership of greyhounds in NSW. |
| When will it be implemented? | The Syndicates Policy will commence on the 1 May 2022. |
| Who was consulted on the development of the Policy? | GBOTA, GRNSW and GIPAC have been consulted on this new policy. It has also been discussed with industry participants at recent Greyhound Racing Rules forums hosted by GBOTA. |
| What changes do I need to know about if I am already part of a Syndicate or Partnership? | If you are already part of a syndicate or partnership, you do not need to do anything different. Just be aware that if you want to register a new partnership after 1 May, you will not be able to. |
| What is a Private Syndicate? | A Private Syndicate refers to a syndicate of at least two people that is formed for the purpose of owning a greyhound. Members of a private syndicate must be acquainted (that is, know each other) before forming a syndicate. |
| What is a Public Syndicate? | A Public Syndicate is a syndicate formed for the purpose of owning greyhounds but is formed through a public offer that is open to anyone. |
| What is the difference between a Private Syndicate and a Public Syndicate? | Members of a private syndicate will usually know each other and make a private arrangement to form a syndicate for the purpose of owning greyhounds, whereas a public syndicate is advertised publicly and anyone can buy a share. The requirements to register a public syndicate are much greater – this is because people who join the syndicate are handing their money over to someone they don’t know. ASIC has rules that apply to such arrangements and GWIC must comply with these rules in its arrangements. |
| What does a Promoter do? | A Promoter sets up public syndicates and invites people to join them. A Promoter has legal obligations to investors, which is why a Promoter must have a Financial Services Licence (or be an authorised representative). People who are involved in setting up a private syndicate will ordinarily not need to register as a Promoter. However, it is important to be aware of the legal requirements that relate to promoters and avoid engaging in activities that could trigger the need to register (such as public advertising). See the Fact sheets on syndicates for more details about this. |
| Is there a limit on how many members a Syndicate can have? | A private syndicate can have up to 30 members. There is no limit on the number of members that a public syndicate may have. |
| Do I have to be registered with GWIC to join a Syndicate? | No. Every syndicate – private or public – must have a syndicate manager who must be registered with GWIC as a participant. The other syndicate members do not have to register as participants, but GWIC does require the syndicate to provide the names of all members when the Syndicate is registered. |
| Do I have to be registered with GWIC to manage a Syndicate? | Yes, each syndicate must have a manager and the manager must be registered with GWIC as a greyhound Owner. A syndicate will also have to provide the names and addresses of all its members. |
| What are the responsibilities of the Syndicate manager? | A Syndicate Manager is the authorised representative of the syndicate. The syndicate manager usually has custody of any greyhounds managed by the syndicate, or arranges for their care. The syndicate manager is also responsible for signing any documents on behalf of the syndicate, ensuring that administrative and notification requirements are met, and receiving and distributing any prize money won by the syndicate. |
| Why does a Public Syndicate need to be registered as a Company? | A public syndicate encourages people from outside the industry to invest in greyhounds. Because of this, it must meet formal legal requirements imposed by the Australian Securities & Investment Commission (ASIC), which include registration as a company. |
| Where can I register my Syndicate as a company? | ASIC. The ASIC website has instructions about how to set up a company. |
| When will Partnerships be phased out? | New partnership applications will no longer be accepted from 1 May 2022. |
| What will happen to existing Partnerships? | Existing partnerships will continue until the partnership expires. A partnership expires when:
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