Regulatory

Any applications for Key Function Certificates and/or additional Key Function Roles received on, or after the 20^th October need to demonstrate to the satisfaction of the Authority that the applicant meets the qualifications and/or relevant experience requirements, in addition to any specific knowledge and proficiency requirements relevant to their role, in accordance with the Policy on the Eligibility and Ongoing Competency Criteria for Key Persons, which can be accessed from here.

Any applications for Key Function Certificates submitted prior to this date, pertaining to any key roles which were changed by virtue of the amendments to the Gaming Authorisations and Compliance Directive (Directive 3 of 2018) effected on 20 October 2021, where the applicant does not fulfill  any of the required qualifications and/or relevant experience requirements, and the role is still relevant as per the updated Directive, will still be processed, however such Key Function Certificate holders would then be required to adhere to the requirements listed in the Third Schedule of the Policy on the Eligibility and Ongoing Competency Criteria for Key Persons.  Hence in view of this, such applicants will not be awarded with a three (3) year Key Function Certificate.

As of October 2021, in view of the amendments to the Gaming Authorisations and Compliance Directive (Directive 3 of 2018), as per article 41(2)(b), Licensees should ensure that the audited financial statements shall, in addition to containing the information required in terms of such international financial reporting standards, include:

(i)           For B2C licensees providing gaming services by remote means, illustrate Player Funds Account Balance separately under the Cash and Cash Equivalents Note to the audited financial statements as well as illustrate player funds under the Trade and Other Payables Notes to the audited financial statements;

(ii)          Contain a reasonable assurance by the auditor that the licensee is compliant with its obligations in terms of the Gaming Tax Regulations and the Gaming Licence Fees Regulations; and

(iii)         For B2C licensees providing gaming services by remote means, be accompanied by a signed declaration from the auditors confirming the player funds, the jackpot funds, as well as the portion of Player Funds Account balance which fall under the Maltese licence.

The assurance and declaration to be provided, as outlined in sub-paragraphs (ii) and (iii) above shall be provided in the form of separate letters of comfort which are, in turn, also distinct from the auditor’s report, to be submitted in terms of international financial reporting standards.

A Key Person shall notify the Authority forthwith, and in any case not later than three (3) working days from the date of resignation or dismissal from exercising a key function for a licensee.

Licensees shall also notify the Authority forthwith, and in any case no later than three (3) working days following the resignation or dismissal of a person exercising one or more key functions; and/or of any changes to persons performing one or more key functions.

The Licensee shall also notify the Authority of the appointment of the replacement of any resigned/dismissed Key Function holders by not later than fifteen (15) working days after such resignation and, or dismissal.

In such cases, the licensee may appoint persons who are not yet in possession of a certificate of approval to carry out a key function on a temporary basis, provided that such persons have the necessary competencies, and apply to obtain their certificate of approval at their earliest.

In cases where no person is approved by the Authority to fulfill any of the required key functions, whether temporarily or otherwise, the responsibility for such key function/s shall vest in the directors of the licensee.

As of October 2021, in view of the amendments to the Gaming Authorisations and Compliance Directive (Directive 3 of 2018), at license application stage, B2C licence applicants are required to appoint the following key functions, as delineated in sub-paragraphs (a), (c) and (f) of article 6 (1):

• The Chief Executive role, or equivalent;
• Key Compliance with the obligations of the licensee as may be applicable by virtue of the Act and any binding instrument issued thereunder, including but not limited to, obligations relating to responsible gaming, obligations relating to player support, obligations relating to the rules relating to marketing, advertising and promotional schemes, and where applicable, obligations relating to sports integrity;
• The prevention of money laundering and the financing of terrorism;

Similarly, B2B licence applicants are required to appoint the following key functions, as delineated in sub-paragraphs (a) and (c) of article 6 (3):

• The Chief Executive role, or equivalent;
• Compliance with the obligations of the licensee as may be applicable by virtue of the Act and any binding instrument issued thereunder, including but not limited to obligations relating to sports integrity where these are applicable;

The Licensee needs to appoint any remaining key roles within six (6) months from the date of issuance of the Licence.  Enforcement action might be taken if the Licensee does not abide by the stipulated deadlines.