30 SEPTEMBER 2009 NEW ZEALAND GAZETTE, No. 144 3471

(c) To report to the Securities Commission on the operation of the Code of Practice, known breaches and remedial action taken after the first 12 months and thereafter every year, or at any other time which the Supervisory Panel considers appropriate.

(d) To act as an Appeal Authority pursuant to clause 11.3 below.

11.3 The role of the Supervisory Panel as an Appeal Authority shall be:

(a) To hear and determine appeals from persons who have been declined Authorised Syndicator status by the Board.

(b) To hear and determine any complaint levied against the Board in relation to the operation of the Code of Practice.

(c) To hear and determine complaints concerning excessive fees charged by Bloodstock Valuers and/or Veterinarians in respect of certificates issued under this Code of Practice.

(d) To hear and determine appeals from persons who have been refused entry on or removed from the Register of Bloodstock Valuers.

11.4 The following provisions shall govern appeals to be heard and determined by the Supervisory Panel:

(a) All appeals to the Supervisory Panel must be lodged within 30 days of the date of the decision which is being appealed against.

(b) The Supervisory Panel may remit the matter in question to a re-hearing by the Board or, upon hearing evidence and if necessary any additional evidence, make such order as the Supervisory Panel thinks ought to have been made by the Board, or such other order as in its opinion may be necessary to ensure the determination on its merits of the real question at issue.

(c) The Supervisory Panel may in its discretion allow any party to be represented by Counsel on the hearing of any appeal and it may have Counsel present to assist the Supervisory Panel. In all other respects, the Supervisory Panel may establish its own procedures.

(d) It may make such order in respect of the costs and expenses of and incidental to any hearing and determination by it as it thinks fit provided however that it may not make any order that the Board pay any costs or expenses.

11.5 Any decision of the Supervisory Panel shall be final and conclusive as to the matter before it for hearing and determination.

12 REPORTING

12.1 A Syndicate Promoter shall, in addition to complying with all of the provisions of section 53 of the Securities Act 1978:

(a) comply with the succeeding sub-Rule of this clause;

(b) ensure that the auditor has no interest in or association with the Syndicate Promoter or the Syndicate.

12.2 A Syndicate Promoter shall keep investors fully informed of the affairs of each Syndicate or Bloodstock Company. The minimum reporting requirements are as follows:

(a) Within three months of the end of the financial year of a Syndicate or Bloodstock Company, the Syndicate Promoter shall provide to each investor complete and audited financial accounts of the Syndicate or Bloodstock Company prepared following an audit carried out by a member of the New Zealand Society of Accountants who meets the requirements of section 53 of the Securities Act 1978 and clause 12.1 of this Code.

(b) At the completion of each six months of each financial year of the Syndicate or Bloodstock Company the Syndicate Promoter shall provide a written report of the business and affairs of the Syndicate or Bloodstock Company to each investor provided that where a Syndicate or Bloodstock Company has interests in bloodstock which is racing or is to be raced the reports shall be issued at the completion of each three months.