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Syndication Rules Criticised

Monday, 5th September 2005

Racing Victoria & Racing NSW "are holding talks with the Australian Securities & Investment Commission in a bid to amend new legislation that prevents unlicensed dealers from advertising horses for syndication," reported thoroughbredinternet.com. Syndicators "must now list where a horse was bought, what it cost, details of veterinary tests, independent valuations, training costs & what the profit margin is". Leading Victorian trainer Rick Hore-Lacy said "while legislation to protect owners was appropriate, the ASIC rules were too harsh"; Hore-Lacy has previously syndicated Gr1 winners Clay Hero, Spartacus & Dash For Cash, but said he was recently "advised by ASIC that he was not allowed to advertise to syndicate horses".

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