Compliance Updates
UKGC: New Consultations on Financial Penalties and Ownership Reporting
The UK Gambling Commission has launched a new set of consultations as part of its ongoing work to ensure effective regulation.
The consultations, which will run for 13 weeks, will cover financial penalties and financial key event reporting.
Financial penalties
If operators breach regulatory rules one possible action following enforcement is the imposition of a financial penalty.
Consultation proposals seek to bring greater clarity and transparency to the way penalties following enforcement action are calculated. The consultation includes a proposal for determining the starting point for the penal element of the penalty by reference to the seriousness of the breach and a percentage of Gross Gambling Yield (GGY) or equivalent income generated during the period of the breach.
Financial key event reporting
The Commission has rules in place so that licensees provide it with relevant information about ownership, finances and interests. The Commission proposes amendments to these rules to take account of the increase in complexity of mergers and acquisitions, and the increased globalisation of gambling.
Kay Roberts, Commission executive director of operations, said: “These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector.
“We would urge all our stakeholders to take the time out to have their say on these consultations as all views on proposed changes will be considered.”