The MGA has released a new guidance document pertaining to License Surrenders.
This directive is designed to furnish Licensees with a comprehensible framework outlining the anticipated prerequisites and procedures, primarily addressing the following key aspects:
- The precise date and time when the authorized individual has ceased or will cease to accept new business.
- The proposed course of action to be executed by the Licensee subsequent to the surrender of the License, encompassing a comprehensive timeline detailing the manner in which pending player balances, encompassing funds-in-play and ongoing jackpots, will be appropriately resolved by the Licensee.
- The rationale behind the Licensee’s decision to surrender the License.
In the process of applying for a license surrender, the Licensee is obligated to settle any outstanding financial obligations according to the Gaming License Fees Regulations and the Gaming Tax Regulations. Additionally, the Licensee will be required to undergo a data extraction process once the review of the license surrender is initiated.
The Licensee must submit the fully completed “License Surrender Application” through the LRMS with a minimum notice period of twenty (20) days.
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