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The Bloodstock Industry Code of Practice
Introduction
The Code of Practice sets out the principles which apply to
all sales of bloodstock and sales of stallion shares and nominations,
be they private sales or sales at public auction, ensuring that
sales of bloodstock in Britain set and maintain a high standard
of integrity and transparency, which will safeguard the interests
of vendors, consignors, bloodstock agents, owners, trainers
and the sales companies.
Definitions
- “Agent” means any trainer, consignor, bloodstock
agent, racing or stud Manager or other person or entity
who represents a Principal in the sale or purchase of bloodstock,
stallion shares and nominations, whether the Agent is paid
by way of retainer, commission or other forms of remuneration,
or has ongoing financial arrangements (for example the payment
of management or training fees), or not.
- “Principal” means a person or entity who
appoints an Agent to act as agent on his behalf in the sale
or purchase of bloodstock, stallion shares and nominations
as in the definition above.
- For clarification, words importing the masculine gender
shall include the feminine.
Code
1. An Agent owes a duty to his Principal to act at all
times in accordance with his Principal’s best interests.
2. An Agent shall not place himself in a position where
personal interests conflict with the duty to his Principal.
In particular, an Agent shall not use his position to obtain
a secret profit.
3. When an Agent acts as a vendor or part-vendor
and sells or intends to sell any horse in which he has an interest
to a Principal, or intended Principal, the Agent must disclose
to his Principal, before completion, the full extent of that
ownership or interest and the benefit derived from that transaction.
4. If an Agent acts for more than one Principal in
a transaction (which might be both the vendor and purchaser),
the Agent can only do so if he has first disclosed this fact,
before completion, to all his Principals, and obtained their
consent.
5. An Agent must notify his Principal, wherever possible
in advance, when a conflict of interest could arise, such as
transactions involving third parties with whom he has a retainer,
transactions where he is aware he will benefit from a third
party, or transactions concerning horses which he has previously
purchased or been involved with.
6. An Agent shall disclose to his Principal and,
if required, account to his Principal for any Luck Money paid
to him by or on behalf of a vendor. “Luck Money”
refers to any financial payment or payment in kind made by or
on behalf of a vendor to a Purchaser or his Agent, after the
sale of a horse has been concluded.
7. If an Agent receives an offer to purchase a horse he
must relay that offer in its entirety to his Principal and respond
in accordance with the Principal’s instructions.
8. A vendor must not offer any secret profit to any
person whom he believes to be an Agent acting for a prospective
purchaser.
Enforcement
9. Any alleged breach of the Code of Practice should
be reported to the Horseracing Regulatory Authority. It is the
responsibility of the complainant of an alleged breach to provide
evidence to the Horseracing Regulatory Authority in support
of the allegation. All parties involved will provide their full
assistance to the Horseracing Regulatory Authority in the respect
of any complaint. If the Horseracing Regulatory Authority is
satisfied there has been a breach of this Code of Practice it
is likely to consider this to be contrary to the integrity,
proper conduct or good reputation of horse racing, and the persons
involved, whether bound by the Rules of Racing, or not, may
be banned from British racecourses and other licensed premises.
This Code of Practice has been drawn up and published by the
following organisations:
British Horseracing Board
Doncaster Bloodstock Sales Ltd
European Federation of Thoroughbred Breeders Associations
Federation of Bloodstock Agents
National Trainers Federation
Racehorse Owners Association
Tattersalls Ltd
Horseracing Regulatory Authority
Thoroughbred Breeders Association.
Click
here for a download of the Code.
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Ownership
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