The Racing Rules of Sailing (often abbreviated to RRS) govern the conduct of yacht racing, windsurfing, kitesurfing, model boat racing, dinghy racing and virtually any other form of racing around a course with more than one vessel while powered by the wind. A new revision is published every four years (after the Olympic Games) by World Sailing, the sport's world governing body. Full information on the rules can be downloaded at World Sailing.
1997 saw the most dramatic simplification to the Racing Rules of Sailing since the 1940s. They are based on four main right of way rules: [Part 2, Section A]
Four rules about general limitations: [Part 2, Section B]
Three rules about marks and obstructions [Part 2, Section C] plus some other rules about starting errors, taking penalties, moving astern, when you are capsized or anchored or run aground, and interfering with another boat.
In total there are 91 rules but (since the major simplification in 1997) only 15 rules govern what boats do when they meet on the water (part 2 rules). It is not necessary to know all of the rules to successfully compete in a dinghy race, but a knowledge of the basics is recommended.
Sailboat racing is a self-regulated sport. As stated by the Racing Rules of Sailing, "Competitors in the sport of sailing are governed by a body of rules that they are expected to follow and enforce. A fundamental principle of sportsmanship is that when competitors break a rule they will promptly take a penalty, which may be to retire.".
Depending on the nature of the infraction, the penalty may be either: (1) performing a turn consisting of one tack and one gybe or (2) performing two turns consisting of two tacks and two gybes (except for windsurfing).
For most rules infractions, a competitor may be absolved from disqualification from the race by taking such a penalty. However, if the infraction caused injury or serious damage, or produced a significant advantage in the race or series, the penalty shall be to retire. If a competitor fails to take penalty turn(s) they may be disqualified after a hearing by the Protest Committee. The aforementioned principles do not apply to match racing (like the America's Cup) where on-the-water umpires impose penalties immediately after an infraction occurs.