The MGA has issued a new guidance note related to Licence Surrenders. This guidance note aims to provide Licensees with a clear outline of the expected requirements and procedures in this regard, mainly relating to:
- The exact date and time when the authorised person has stopped or shall stop accepting new business;
- The proposed plan that will be actioned by the Licensee further to the surrender of the Licence which shall include but not be limited to, a timeline outlining in detail the manner in which outstanding player balances, including funds-in-play and ongoing jackpots, shall be duly settled by the Licensee;
- The reason for which the Licensee has elected to surrender the Licence.
As part of the licence surrender application process, the Licensee must settle any dues to the Authority in terms of the Gaming Licence Fees Regulations and the Gaming Tax Regulations. Furthermore, the Licensee will also have to undergo a data extraction exercise once the licence surrender review is underway.
The Licensee is required to submit the completed ‘Licence – Licence Surrender’ application via the LRMS, with at least twenty (20) days’ notice.
The guidance note may be accessed here.