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racenet - good article

West Australian Racing

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  • spinkingspinking    4,001 posts
    So true Para and how long have we been saying it but alas they still don't listen

    rustyh, Chelsea, savethegame likes this post.

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  • oldhendooldhendo    784 posts
    Its not rocket science, FFS.

    rustyh likes this post.

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  • RIORIO    14,902 posts
    Yep, nothing that hasn't been raised on here year in and year out for as long as I've known about PTT. The other option of paying $15 to get in on a normal Saturday, would be to supply free racebooks, a drink voucher a food voucher and a $5 TAB free bet. So at least the are getting something for the entry fee.
    Not sure it will ever change

    rustyh, FatCat likes this post.

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  • jumjum    3,581 posts
    Great Read

    rustyh likes this post.

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  • hashhash    7,495 posts
    it's been proven, open the gates free entry and the crowds will flock

    rustyh likes this post.

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  • paraleticparaletic    3,750 posts
    https://www.g1x.com.au/news/racing/rv-to-crack-down-on-illegal-syndication

    another good article on g1x. Poor trainers. 
    +1 -1
  • The_Real_PetermanThe_Real_Peterman    192 posts
    hash said:

    it's been proven, open the gates free entry and the crowds will flock

    I need no convincing. I've had it with the Corps. Might be time to get my **** back trackside and remember how much fun a day at the races can be.

    Gilgamesh, savethegame likes this post.

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  • hashhash    7,495 posts
    paraletic said:

    https://www.g1x.com.au/news/racing/rv-to-crack-down-on-illegal-syndication


    another good article on g1x. Poor trainers. 
    i cant read the article without a big pop up window forcing me to sign up appearing on the screen? and there's no way of closing it 

    rustyh, jum likes this post.

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  • The_Real_PetermanThe_Real_Peterman    192 posts
    edited May 2017
    paraletic said:

    https://www.g1x.com.au/news/racing/rv-to-crack-down-on-illegal-syndication


    another good article on g1x. Poor trainers. 



    Here you go @hash


    RV to crack down on illegal syndication

    Trainers will be targeted by a concerted crack down on illegal syndication, with Racing Victoria set to introduce the addition of a local rule of racing that will force participants to comply with Australian Securities and Investment Commission (ASIC) requirements or face charges.
    G1X.com.au understands that pressure from licensed promoters has led to the policy update which will be tabled before the Racing Victoria Board at their May meeting.
    Racing Victoria's Promoter's Policy requires that the promotion or advertising of horse shares occurs only in conjunction with an Australian Financial Services (AFS) Licence or as an AFS licence holder, but many trainer's have ignored these requirements.
    The Australian Rules of Racing refers to this requirement in AR69P.
    The proposed local rule addition will refer trainers to that policy and reiterate the enforcement of fines or more serious charges on those that flout these rules, with Racing Victoria set to increase raids on websites and trainer communications to identify illegal promotion.
    "We can't knock Racing Victoria for the stance because they are there to police the rules but there will be unintended consequences as a result of this that could be worse than the current problem," said Australian Trainer's Association (ATA) CEO Andrew Nicholl.
    "I think Racing Victoria has been very diplomatic in how they have policed the policy in the past because they understand the ASIC regulations have some unworkable components in this industry."
    The ATA estimates that some 150 mid-band trainers will be hardest hit by the policy update, which is expected to be eventually adopted more widely by interstate Principle Racing Authorities.
    But it is not the process of acquiring a Product Disclosure Statement or forming a relationship with a syndicator that is the potentially crippling threat, it is the ASIC requirement that monies are held in trust until a horse is totally syndicated that poses the biggest problem.
    "The big impact is on cash flow," said Nicholl.
    "It can take some trainers nine months or more to fully syndicate a horse. Remember most of the mid-range trainers in this country are buying horses on spec (sic) on credit with sales companies. If money from shares is tied up in trusts until a horse is sold the trainer will be crippled by debt and interest.
    "There's no middle ground here, the law applies across the board and it's going to force trainers to go underground with syndication."
    Racing Victoria has proposed an amnesty period until the start of the new season for trainers to clean up illegal promotion of shares on websites and owner communications prior to the enforcement of the amendment.
    Following that period Racing Victoria will increase their activity regarding identification of illegal promotion and will issue compliance warnings to offenders; failure to correct and comply with regulations will result in charges.
    "What they (penalties) are we're not sure at this stage, but they (Racing Victoria) are about to get really active around this and enforce the rules in earnest," said Nicholl.

    rustyh, hash, RIO likes this post.

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  • DamienWyerDamienWyer    7,988 posts
    Syndicator licences are to me the same as only recognising Bloodstock Agents that have paid up for an association memberships. Neither will protect the investor, they just provide another layer of administration that is toothless and pointless.
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  • RIORIO    14,902 posts
    ASIC are far from toothless. I'd be fairly confident that RV are only doing this as ASIC have had a number of complaints and have told them (RV) to start policing the syndicators better or they will
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  • TheDivaTheDiva    13,248 posts
    Just what racing doesn't need when it is trying to get up off the canvas.
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  • TiversTivers    7,720 posts
    Big difference between doing the million $ yearling purchases they syndicate over there and average Joe trainer doing his $15,000 purchase.
    The legislation applies however as one size fits all, but it doesn't.

    RIO likes this post.

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  • GilgameshGilgamesh    5,009 posts
    Would like to think if you are syndicating at costs plus I.e. making ) something out of the sale then you should be having to register but if you are just looking to fill ownership of a horse at cost then should be able to go for it, why make it so hard for trainers to get owners?
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  • H-BOMBERH-BOMBER    10,567 posts
    Yep, if you are charging overheads or commissions or basically taking a fee for service then yes, register. 
    Most people manage a "syndicate" by getting a group of mates together and put in a certain amount each, buy a horse and then split the money when it comes in, or ask for money when the bills are due. Its a pretty good system if the people you are dealing with aren't ****s. But we all know there are plenty of these around hahaha

    jum likes this post.

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  • RIORIO    14,902 posts
    Tivers said:

    Big difference between doing the million $ yearling purchases they syndicate over there and average Joe trainer doing his $15,000 purchase.

    The legislation applies however as one size fits all, but it doesn't.
    ASIC have in the past been accepting of smaller syndicators......but their legislation doesn't reflect that. So if they have had complaints, they will be onto it like a bee on a safety vest. I'd be suggesting that some dick-wads have screwed people over, and now the whole industry will get dragged through the shite!!!!
    RWWA have a very lose enforcement here also, so i hope what they have continues. As we don't need anything to make ownership anymore difficult.
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