All Syndicates registered on or after 1st May 2021 must ensure they comply with this
Code of Conduct. All Syndicates registered prior to this date must ensure they are in compliance with the previous Code of Conduct, and that their contracts are updated to reflect this new code no later than 30th April 2022.

1. This Code applies to all Syndicates where:

1.1 the Syndicator is paid for their role; or
1.2 the method of attracting participation in the Syndicate includes invitations to the


2. The Syndicator and each Syndicate member must enter into a written contract when each
Syndicate member joins the Syndicate.

3. If there is more than one Syndicate member, each written contract must be substantially
the same.

4. Each contract must contain the following:

4.1 a clause that acknowledges that participation in the Syndicate is for enjoyment and
does not guarantee a financial return;

4.2 a clause acknowledging that the Syndicate members will be subject to, and
regulated by, certain provisions of the Rules of Rules of Racing for the duration of
the Syndicate with explicit reference to the following Chapters (which may be
subject to change from time to time on notice by the BHA to the Syndicator): (J)
Integrity and (L) BHA Investigations and Disciplinary Action;

4.3 the duration of the Syndicate;

4.4 how and when the Syndicate will come to an end;

4.5 The intended plans for any horse(s) should they be retired while owned by the

4.6 if applicable, how members may leave the Syndicate before it comes to an end;

4.7 the ownership details of each horse registered to the Syndicate, including whether
it is wholly owned by the Syndicate or whether it is subject to a Lease;

4.8 the proportionate interest in the Syndicate of each member and any rights each
member has to sell, lease, transfer or assign their share;

4.9 If bought at public auction, the sale price of the horse(s) and all associated purchase
costs to be passed on to members. If bought privately the cost of acquiring the
horse(s) to be passed on to members;

4.10 the participation costs for each Syndicate member, including whether such cost is fixed or variable and, where relevant, the consequences of any non-payment
(drawing attention to paragraphs 5-8 below);

4.11 details of any remuneration paid to the Syndicator and any third parties, including
how it is calculated and the method(s) of payment;

4.12 the name(s) in which the Syndicate bank account is held and the signatories to that account;

4.13 an obligation to provide a full financial statement for the Syndicate and the process by which any financial surplus or deficit will be credited or charged to the

4.14 the time at which and procedure by which the statement(s) of the Syndicate’s costs
recovered and expenditure will be presented to the members, including the details about any applicable VAT and how prize and appearance money won by the Syndicate will be treated;

4.15 the insurance details for each horse, including whether the members are

4.16 details of the Trainer(s);

4.17 the Syndicate decision making process relating to the management, training and
time and sale of the horse(s); and,

4.18 what process should be followed in the case of a dispute between the Syndicator and a member.


5. A Syndicate member must pay any amount payable under the Syndicate contract
(paragraph 2) within 3 months of being requested to do so.

6. A Syndicator may report a Syndicate member that fails to comply with paragraph 5 to the BHA through the submission of a non-payment report. A non-payment report must be:

6.1 made in writing and signed by the Syndicator(s);

6.2 include at least the following:

6.2.1 The Syndicate member’s name and address;

6.2.2 Details of the debt;

6.2.3 The date that request for payment was made;

6.2.4 A signed copy of the Syndicate contract which includes all terms outlined in
paragraph 4;

6.3 be accompanied by a copy of the unpaid invoice; and

6.4 sent no later than 15 months after the sum became payable.

7. A Syndicator must not submit an unjustified or frivolous non-payment report.

8. If a Syndicate member cannot provide the BHA with a good explanation for the late payment, they may be added to the Forfeit List.