Introduction |
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| 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 |
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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 |
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9. Any alleged breach of the Code of Practice should be reported to the Jockey Club. It
is the responsibility of the complainant of an alleged breach to provide evidence to
the Jockey Club in support of the allegation. All parties involved will provide their
full assistance to the Jockey Club in the respect of any complaint. If the Jockey
Club 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 The Jockey Club Thoroughbred Breeders Association |