guineas breeze up & horses in training sale guineas ... - Tattersalls
guineas breeze up & horses in training sale guineas ... - Tattersalls
guineas breeze up & horses in training sale guineas ... - Tattersalls
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l the bloodstock <strong>in</strong>dustry code of practice<br />
The Bloodstock Industry Code of Practice<br />
<strong>in</strong>troduction<br />
36<br />
The Code of Practice sets out the pr<strong>in</strong>ciples which apply to all <strong>sale</strong>s of bloodstock and<br />
<strong>sale</strong>s of stallion shares and nom<strong>in</strong>ations, be they private <strong>sale</strong>s or <strong>sale</strong>s at public auction.<br />
The <strong>in</strong>tention is to ensure that <strong>sale</strong>s of bloodstock <strong>in</strong> Brita<strong>in</strong> not only comply with the law,<br />
but operate to the highest standards of <strong>in</strong>tegrity and transparency, and safeguard the <strong>in</strong>terests<br />
of vendors, consignors, bloodstock agents, owners, tra<strong>in</strong>ers and the <strong>sale</strong>s companies.<br />
Def<strong>in</strong>itions<br />
• “Agent” means any tra<strong>in</strong>er, consignor, bloodstock agent, rac<strong>in</strong>g or stud manager<br />
or other person or entity who represents a Pr<strong>in</strong>cipal <strong>in</strong> the <strong>sale</strong> or purchase of<br />
bloodstock, stallion shares and nom<strong>in</strong>ations, whether the Agent is paid by way of<br />
reta<strong>in</strong>er, commission or other forms of remuneration, or has ongo<strong>in</strong>g f<strong>in</strong>ancial<br />
arrangements (for example the payment of management or tra<strong>in</strong><strong>in</strong>g fees), or not.<br />
Code<br />
• “Pr<strong>in</strong>cipal” means a person or entity who appo<strong>in</strong>ts an Agent to act as agent on<br />
his behalf <strong>in</strong> the <strong>sale</strong> or purchase of bloodstock, stallion shares and nom<strong>in</strong>ations<br />
as <strong>in</strong> the def<strong>in</strong>ition above.<br />
• For clarification, words import<strong>in</strong>g the mascul<strong>in</strong>e gender shall <strong>in</strong>clude the fem<strong>in</strong><strong>in</strong>e.<br />
1. An Agent owes a duty to his Pr<strong>in</strong>cipal to act at all times <strong>in</strong> accordance with his<br />
Pr<strong>in</strong>cipal’s best <strong>in</strong>terests.<br />
2. An Agent shall not place himself <strong>in</strong> a position where personal <strong>in</strong>terests conflict with<br />
the duty to his Pr<strong>in</strong>cipal. In particular, an Agent shall not use his position to benefit<br />
from a secret payment or secret profit, which means any payment or benefit <strong>in</strong> k<strong>in</strong>d<br />
received by an Agent that is not disclosed to his Pr<strong>in</strong>cipal.<br />
3. When an Agent acts as a vendor or part-vendor and sells or <strong>in</strong>tends to sell any horse<br />
<strong>in</strong> which he has an <strong>in</strong>terest to a Pr<strong>in</strong>cipal, or <strong>in</strong>tended Pr<strong>in</strong>cipal, the Agent must<br />
disclose to his Pr<strong>in</strong>cipal, before completion, the full extent of that ownership or<br />
<strong>in</strong>terest and the benefit to be derived from that transaction.<br />
4. If an Agent acts for more than one Pr<strong>in</strong>cipal <strong>in</strong> a transaction (which might be both<br />
the vendor and purchaser), the Agent can only do so if he has first disclosed this<br />
fact, before completion, to all his Pr<strong>in</strong>cipals, and obta<strong>in</strong>ed their consent.<br />
5. An Agent must notify his Pr<strong>in</strong>cipal, wherever possible <strong>in</strong> advance, when a conflict<br />
of <strong>in</strong>terest could arise, such as transactions <strong>in</strong>volv<strong>in</strong>g third parties with whom he<br />
has a reta<strong>in</strong>er, transactions where he is aware he will benefit from a third party, or<br />
transactions concern<strong>in</strong>g <strong>horses</strong> which he has previously purchased or been<br />
<strong>in</strong>volved with.