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The MGA reminds licensees of their Audited Financial Statements and submission obligationsMEDIA ROOM
May 27, 2019
The Malta Gaming Authority (MGA) has reminding all licensees of the requirement to submit their Audited Financial Statements within 180 days from the end of their financial year. With regards to Corporate Group Licences, all Group companies covered by the latter shall submit their individual Audited Financial Statements. Moreover, in accordance with Article 41 (2) of the Gaming Authorisations and Compliance Directive (Directive 3 of 2018), licensees are reminded to ensure that the Audited Financial Statements:
- Are prepared in accordance with International Financial Reporting Standards;
- For B2C licensees providing gaming services by remote means, illustrate the 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 Note to the Audited Financial Statements;
- 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 the Player Funds Account balance which falls under the Maltese licence; and
- Contain a reasonable assurance by the auditors that the licensee is compliant with its obligations in terms of the Gaming Licence Fees Regulations and the Gaming Tax Regulations.
- Furthermore, the submitted Audited Financial Statements are to be accompanied by the Directors’ Report which shall be drawn up in accordance with Article 177 of the Companies Act (CAP. 386 of the Laws of Malta). This requirement shall also apply to companies defined as “small” under the Companies Act.
Lastly, with immediate effect, the Audited Financial Statements shall not be submitted by post or email but through the Licensee Relationship Management System which can be accessed through portal.mga.org.mt. In this regard, licensees will be required to upload the documentation by selecting the Audited Financial Statements option which will be visible in Draft mode within the licensee’s timeline.
For further information or assistance required please contact our iGaming specialists on [email protected]