The British Horseracing Authority (BHA) has announced a new code of practice for the bloodstock sector.
Racingpost.com reports that a review was commissioned by the BHA in 2017 and recommendations published in 2019, which led to the new code of practice.
The code will be incorporated into the rules of British racing and replaces the Irish Thoroughbred Breeders Association Sales code of practice.
There are eight rules included in the code, which in summary cover:
- Rule 1: The application of the code to all participants at sales and to all sales taking place within Britain and Ireland after August 16.
- Rule 2: The need for participants to act honestly and with integrity in relation to sales.
- Rule 3: Bribery, secret profits, and other payments
- Rule 4: Authority and information provision
- Rule 5: The need for agents to act in the best interests of their principal in relation to sale.
- Rule 6: The need for agents to not be in a position where personal interests may conflict with those of their principal without prior informed consent.
- Rule 7: Market abuse at public auction, including collusive bidding-up, induced purchases, and vendors offering private advantages in advance for bidding on or buying their horses.
- Rule 8: The treatment of participants assisting another in a course of conduct, knowing that the course of conduct is breaching or likely to breach any rule of this code or deliberately closing their eyes to that possibility, as being as if they too acted in breach of that rule.
