New regulations designed to “support public confidence” are to be introduced for syndicates and racing clubs in Britain.
The British Horseracing Authority (BHA) has announced that the 10 key measures, which include strengthening the existing code of conduct for syndicates and introducing the same for racing clubs, will be phased in over the next 12 months.
Presently, all publicly advertised syndicates that charge a management fee must provide members with a contract that covers specified areas.
Contract requirements will be extended and the BHA will increase its auditing of these contracts. Spot checks will be carried on a proportion of contracts to ensure that they comply with the code of conduct. Furthermore, syndicators will be required to disclose the percentage shares held by each member. Syndicate members will also be able to view their own recorded shareholdings through access to the BHA's Racing Administration system from early 2022.
“It is vital for the future of our sport that we are able to attract and retain racehorse owners. Syndicates and racing clubs clearly have a pivotal role to play in those efforts,” said the BHA's chief operating officer Richard Wayman.
“The consultation responses confirmed that the sport has many extremely well-run ryndicates and racing clubs who give their members exemplary levels of service. It is crucial that the public can continue to have confidence in syndicates and racing clubs, which these measures have been designed to support.”
Dan Abraham, chairman of the Racehorse Syndicates Association added, “The consultation conducted by the BHA confirms the outstanding ownership experience available to members of syndicates and clubs. The BHA's review and strengthening of the regulations related to shared ownership should even further enhance the public's confidence. The appeal of syndicates and clubs is stronger than ever and the RSA welcomes the BHA's approach to provide increased protection for members as well as syndicators and club managers.”
Details of the BHA's review of shared ownership can be found via this link.
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