N.Y. Comp. Codes R. & Regs. tit. 9 § 4026.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4026.3 - Nonmanaging ownership

(a) Owners-registration and disclosure.

(1) The managing owner of a horse shall not enter or start such horse, nor shall such horse race, unless each individual holding any property interest in such horse at such time has been disclosed to The Jockey Club and registered therewith by the managing owner.

(2) In addition, should any property interest in a horse be held by a general or limited partnership, syndicate, association, corporation, trust, estate, or other form of representative or joint ownership or legal entity, such entity shall be registered with The Jockey Club; and there shall also be disclosed the identity of all officers, directors, managing agents, representatives, trustees or other individuals holding the power to manage such entities, in addition to all individuals holding any legal or beneficial interest in such entity. Any changes in such information shall be clearly indicated and submitted to The Jockey Club within 10 days after the end of each calendar quarter after registration or, if no changes have occurred, a statement to that effect shall instead be filed.

(3) For good cause shown, the commission may waive for a particular case, or for a category of cases, the obligation to file the identity of numerous owners of an insignificant interest and allow such interest to be filed as an identified class. At any time, however, upon demand of the commission, individual identity shall be disclosed.

(b) Nonmanaging owners--licensing. No horse shall be entered or started by such horse's managing owner that is owned by 35 or less owners, unless all of the owners are licensed, or, if owned by more than 35 owners, unless each individual having a three percent or greater property interest is licensed as an owner by the commission. In addition, each such owner that is not an individual must be registered and licensed with the commission, and all such entity's officers, directors, trustees or other managing individuals must be licensed by the commission unless otherwise directed by the commission. The commission may also require any other individual involved in ownership to be licensed at any time it may deem desirable. The commission or the State steward, for good cause, may waive any of such requirements for a race. In no event, however, may a horse start, if the license of any such individual has been denied, suspended or revoked, until the commission is satisfied that any withdrawal of such individual or transfer of such individual's interest is in good faith.

(c) Coupled entries. Should the same individual or legal entity required to be disclosed and registered as a nonmanaging owner for a horse be present in the ownership (including the managing ownership) of another horse or horses in a race, to the extent that there is a 25 percent commonality in ownership between any two of such horses, all such horses shall be coupled as an entry. In addition, the stewards may require the coupling of horses having a lesser degree of common ownership where the stewards deem it desirable in the public interest.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4026.3