New Bloodstock Industry Code of Practice

04 August 2021

New Bloodstock Industry Code of Practice

 

Dear Owner

The Bloodstock Industry Forum (BIF) will today announce the completion of the new Bloodstock Industry Code of Practice which will be formally incorporated into the rules of British Racing on August 16th and replaces the previous Bloodstock Industry Code of Practice which has been in place since in 2009. The new Code of Practice has been drawn up in response to the central recommendation made in the BHA Review of the Buying and Selling of Bloodstock and Racehorses in British Racing which was released in December 2019.

The new code, which can be found in full here is designed to prevent serious malpractice in the bloodstock sales industry, ensure buyers and vendors have mutual responsibility and provide participants with a new independent legal facility in the event of complaints. This will be achieved by:

  1. Banning
    1. Bribery (whether described as “Luck Money” or not);
    2. Acting for both sides on a Sale without prior informed consent; and,
    3. The practice of collusive “bidding up”
  2. Providing free, initial and independent legal advice from a Panel Lawyer as to criminal, civil and regulatory remedies in the event of a breach of the Code.
  3. Ensuring that both vendors and purchasers are signatories to the Code

The Code will be reviewed annually to ensure that it remains robust and fit for purpose.

Commenting on the new Bloodstock Industry Code of Practice, Charlie Parker, President of the ROA said:

“We are pleased that the Bloodstock Industry Forum has today announced the new Code of Practice that covers all aspects of sales ring dealings, including the education of participants. It is essential that owners feel protected when buying and selling their horses and the Code of Practice clearly makes significant steps towards achieving this. It has also been pleasing to see how the whole industry has worked together to formulate the Code of Practice which must now be rigorously adhered to.”

Tattersalls Marketing Director Jimmy George, who chairs the Bloodstock Industry Forum, said;

“It has been a long process, but in response to the BHA Review of the Buying and Selling of Racehorses and Bloodstock in Britain, the Bloodstock Industry Forum is delighted to have finalised a new, robust Bloodstock Industry Code of Practice which has been approved by all of the key British and Irish industry bodies as well as the British Horseracing Authority and the Irish Horseracing Regulatory Board. 

“The new Code of Practice will be formally incorporated into the rules of British Racing and appear in all Tattersalls and Goffs sales catalogues, starting with the forthcoming Goffs UK Premier Yearling Sale. It will also be widely disseminated and available through all BIF member organisations as well as being subject to regular review. Importantly the new Code of Practice has introduced a complaints procedure independent of the industry bodies and individuals found to be in breach of the Code, either in criminal or civil proceedings or having been sanctioned by the BHA for breach of the code, will also be subject to exclusion from participating at Tattersalls and Goffs sales in Britain and Ireland.

“Second only to the formation of the Bloodstock Industry Forum, replacing the existing Code with a new Code has been the priority in terms of embracing the principal recommendations set out in the BHA Review and we would like to thank all the members of the Bloodstock Industry Forum, which comprises representatives of the BHA, the IHRB, the Federation of Bloodstock Agents, Goffs, The National Trainers Federation, the Racehorse Owners Association, the British and Irish Thoroughbred Breeders Associations, and the Breeze Up Consignors as well as Tattersalls and Goffs, for their commitment to the process from the outset. 

“The Bloodstock Industry Forum has also developed an ‘E - learning’ integrity module which will be adopted as part of the trainer licensing process in Britain as well as being mandatory for members of the Federation of Bloodstock Agents, while both Tattersalls and Goffs have committed to making full ownership details readily available to registered potential buyers as recommended in the Review.”

 

The Bloodstock Industry Forum members consist of:

Breeze Up Consignors Association

British Horseracing Authority

Federation of Bloodstock Agents

Goffs

Horse Racing Ireland

Irish Thoroughbred Breeders Association

Irish Thoroughbred Regulatory Board

National Trainers Federation

Racehorse Owners Association

Tattersalls 

Thoroughbred Breeders Association

 

If you have any questions about the new Code or would like to know more, please do not hesitate to get in touch with the ROA team at info@roa.co.uk

 

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