By Prof Dr Ian Blackshaw
The British Horse Racing Authority (BHA), which regulates horse racing in Britain, has just published plans to strengthen the regulation of shared racehorse ownership after an industry-wide consultation, which was completed in the Autumn of last year.
The Consultation examined the current risks and opportunities of shared ownership of racehorses and how these might be addressed through enhanced regulation and improved administration.
As a result of this Consultation, ten key measures will be introduced during the next twelve months, with a view to supporting public confidence in the shared ownership of racehorses, through Syndicates and Racing Clubs, and also laying a solid foundation for its continued growth.
Amongst others, these measures will include strengthening the existing Code of Conduct for Syndicates, which was originally introduced in February 2017. This Code lays down that all Syndicates, which advertise publicly or charge a management fee, must provide their members with contracts which cover certain specified areas.
These areas will be extended in addition to the BHA increasing its auditing of these contracts.
As part of the registration process and through ongoing spot checks, the BHA will review annually a proportion of these contracts, to ensure and monitor compliance with the Code.
A Code of Contract will also be introduced for Racing Clubs.
The BHA will also require that members of the Syndicates also disclose the percentage shares held by each of them.
Such measures also build on the existing regulation of shared ownerships, which include the registration of all individuals who wish to manage, promote or administer a Syndicate or Racing Club.
Such measures will also include provisions to ensure compliance with them.
The BHA CEO, Richard Wayman commented as follows:
“The Consultation responses confirmed that the sport has many extremely well-run Syndicates and Racing Clubs who give their members such exemplary levels of service. It is crucial that the public will continue to have confidence in Syndicates and Racing Clubs, which these measures have been designed to support.”
More information about these measures and their aims may be obtained by logging onto ‘www.britishhorseracing.com/news -media-press-releases/’.