NEW ZEALAND GAZETTE, No. 4 — 20 JANUARY 2016

valuation reports in the prescribed form from Bloodstock Valuers who are, at the date of their respective reports, entered in the Register of Bloodstock Valuers established under this Code of Practice and are not an Associated Person of the Promoter.

10.2 Valuation reports are not required to be provided to the Board in respect of Bloodstock that are or are to be leased by the Bloodstock Syndicate or Bloodstock Company, whether or not there is a right of purchase (clause 22.5 refers).

10.3 Subject to clause 10.4, for each Disclosure Statement the Board must be provided with a veterinary report from a veterinary surgeon who meets the following criteria:

(a) The veterinary surgeon must hold a current annual practising certificate issued by the Veterinary Council of New Zealand;

(b) the veterinary surgeon must be experienced in equine practice;

(c) the veterinary surgeon must spend the majority of his or her professional time in equine practice; and

(d) the veterinary surgeon must be competent in the field in respect of which he or she is certifying (ie racing or breeding).

10.4 In the case of an Offer that is seeking to raise funds for the purchase, in the future, of Bloodstock for racing and/or breeding purposes, the relevant Bloodstock Syndicate or Bloodstock Company must, whenever any Bloodstock is purchased by it, obtain as soon as is practicable after such Bloodstock has been purchased, valuation reports and veterinary certificates in respect of that Bloodstock, which reports and certificates must meet the requirements of clauses 10.1 and 10.3, respectively.

10.5 Each Disclosure Statement must say where or how copies of the valuation reports (if any) and the veterinary reports may be obtained.

10.6 Where Bloodstock is purchased from countries outside New Zealand, the following criteria apply in respect of valuation and veterinary reports:

(a) In the case of Bloodstock purchased in Australia, the Promoter must use bloodstock valuers and veterinary surgeons that have been approved under the New South Wales or equivalent system of syndication or New Zealand bloodstock valuers and veterinary surgeons.

(b) In the case of Bloodstock purchased from any other country, the Promoter must use reputable bloodstock valuers and veterinary surgeons that are recognised as such by the principal racing authority in that country or the state in which the bloodstock is located. The Board may suspend an Offer or the Issue of Shares under it if it believes that either the bloodstock valuers or the veterinary surgeons used are not competent in the area in which they are certifying.

11 SUPERVISORY PANEL

11.1 A Supervisory Panel consisting of three persons will be appointed and established by the Board. At least one member of the Panel will be admitted as a barrister and solicitor who will act as Chairman.

11.2 The duties of the Supervisory Panel are as follows:

(a) To call periodic meetings of representatives of New Zealand Thoroughbred Racing Inc., Promoters, Bloodstock Agents’ Federation NZ Inc. and other interested parties to review the operation of the Code of Practice and to consult with any other interested parties.

(b) To act on recommendations from such meetings and to request New Zealand Thoroughbred Racing Inc. to take appropriate action where it deems it necessary.

(c) To report to the Financial Markets Conduct Authority 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: