1. The purpose of this Code of Conduct is to ensure that there is a high and increasing level of transparency in the administration of Ownership Groups, as well as to provide increased levels of protection for all participants.
  2. This Code of Conduct applies to all Ownership Groups registered via The Racing Manager.
  3. All references to Group Manager are references to the person who is managing and co-ordinating an Ownership Group who will be the Manager(s) registered with the British Horseracing Authority who assumes responsibility for the Ownership Group under the Rules of Racing.
  4. It is strongly encouraged and recommended that for each Ownership Group there is a written contract between the Group Manager and the Group Members. For any Ownership Group where shares are offered to the general public, a written contract must be put in place, otherwise TRM may stop the Ownership Group from being offered on the platform. A suggested template for this written Agreement is provided by The Racing Manager, which can be found in Schedule 4 of the Terms. The Racing Manager strongly recommends that the said contract covers at least the following issues:
    • The express acknowledgement that the purpose of the involvement is for the enjoyment of co-ownership in a racehorse and not to receive a financial return;
    • The intended duration, the mechanism for its termination and the methods and conditions (if any) by which participants may leave other than on final termination;
    • Whether the horse(s) is wholly owned by the Group Members or whether the horse is subject to a lease or other arrangement;
    • The number of horses involved, the proportionate interest of each Group Member and their rights (or lack of) to sell, lease, transfer or assign their share/s;
    • The cost of participation for each Group Member and whether such cost is fixed or susceptible to alteration;
    • The details and/or means of calculating and paying any remuneration to be received by the Group Manager and any third parties, including trainers and bloodstock agents;
    • Detail of the anticipated information flows and their expected frequency from the trainer of the horse(s) to the Group Manager and Group Members;
    • A full financial statement and the process by which any financial surplus or deficit will be credited or charged to the participants in the Ownership Group;
    • The time and procedure by which the statement(s) of costs recovered and expenditure will be presented to the participants. Such statement(s) shall be exclusive or inclusive of VAT as appropriate depending upon the VAT status of the Ownership Group;
    • Whether and in respect of which risks the horse(s) will be insured and whether the participants are the beneficiaries;
    • Whether the horse(s) will be initially trained by a named trainer;
    • The process by which the Ownership Group makes any decisions relating to the management, training, and time and method of sale of the horse(s).
  5. All new Group Members should receive detailed information from the Group Manager, reflecting the requirements in Paragraph 4, before deciding to join an Ownership Group.
  6. This Code does not purport to dictate what the terms will be on the matters set out at Paragraph 4, only that they are matters that are to be agreed at the outset of an Ownership Group.
  7. The Racing Manager recommends there is a formal written agreement between the Group Manager, on behalf of the Ownership Group, and the trainer of the horses(s) owned/leased. This agreement should outline in detail the responsibilities of the trainer and all financial aspects of the arrangement. This should be available to Group Members on request.
  8. Each Group Member should be aware that they may be bound by the Rules of Racing and The Racing Manager expects all Group Members to comply with any applicable rules. Particular attention should be drawn to those Rules prohibiting the sharing of Inside Information (Rule (A)36) and prohibiting the Lay Betting of owned horses (Rule (E)92).
  9. If a racehorse on the TRM platform is no longer able to race then We encourage TRM Members to find a good place for the retirement for such horse. Where appropriate, TRM Members should consider using any of the retraining and rehabilitation of racehorse outlets in the UK.
  10. If a Group Member has concerns in relation to any aspects of the management and/or operation of an Ownership Group on the TRM platform, he/she should, in the first instance, raise the matter with The Racing Manager via Additionally, any issues may be raised with the British Horseracing Authority via or with the Racehorse Owners Association via