Recently, the Malta Gaming Authority (MGA) released new regulations pertaining to license surrenders. These rules are intended to give license holders clarity on the procedures and conditions when they decide to give up their licenses.
Important details about license surrenders are covered in the new guidance note, including the precise day and hour that licensees stop taking on new clients. This guarantees the process’s transparency.
Furthermore, licensees are required to submit a thorough plan outlining their strategy for handling unpaid player balances, which includes both active jackpots and monies in play. The purpose of this step is to protect players’ interests in the event that a licensee chooses to revoke their license.
Reasons Behind Licence Surrenders
One of the most important aspects of the rules is comprehending the reasons why Licensees decide to resign their licenses. This gives regulatory bodies information about the choices taken by gambling sector operators.
Licensees are required to satisfy their duties to the Authority regarding the Gaming Licence Fees Regulations and the Gaming Tax Regulations throughout the license surrender application procedure. These conditions guarantee that prior to the surrender procedure being finished, all financial obligations are satisfied.
In addition, licensees must assist with a data extraction procedure when the license surrender review is started. The goal of this phase is to guarantee the safe transmission and archiving of all pertinent data.
If a licensee chooses to resign their license, they must give a minimum of twenty (20) days’ notice by submitting a “License – Licence Surrender” application through the Licence Relationship Management System (LRMS). The regulatory bodies will have enough time to evaluate and review the surrender application thanks to this prior warning.
In addition to helping licensees, the MGA’s proactive approach to giving precise instructions on license surrender processes protects the integrity and accountability of Malta’s gaming sector. It guarantees the protection and education of all parties involved in the license surrender procedure.