The UK Gambling Commission (UKGC) has told their stakeholders that the Business As Usual consultation will close on Friday 15th March 2024.
Gambling Commission Announces Business As Usual Consultation To Close Friday
The consultation was launched by the UKGC on 15th December 2023, in search of feedback on the transparency of financial penalties and the financial key reporting duties displayed in the Licence Conditions and Codes of Practice (LCCP) policies.
They will consult on two sets of “business as usual” changes, with one relating to the clarity and adding transparency of how financial penalties are calculated.
Meanwhile the other looks at financial key event reporting by licensees to ensure that the UKGC has all the appropriate information they need for risk-based regulation.
The aim of this consultation is to make the process of enforcement actions, and the way they are calculated more transparent, including financial penalties.
These such penalties would start based on how severe the breach is and a percentage of the Gross Gambling Yield (GGY) or other proportional revenue brought in during the violation period.
Receiving feedback for these things is an integral part of what the UK Gambling Commission do, as they look to revise the terms of the Statement of Principles for Determining Financial Penalties (SoPfDFP). This well ensure they strengthen transparency, clarity and consistency for the aim of the consultation.
The amendments proposed are hoping to tackle the issues coming from mergers and acquisitions as well as aiming to increase globalisation of the gambling sector.
UKGC noted in their announcement: “challenges in meeting the 3% shareholder reporting requirements due to governance arrangements in some jurisdictions have led to the possibility of increasing this threshold to 5%.”
It’s also worth noting that this consultation is separate to the Commission’s call for feedback of the Gambling Review’s White Paper, which ended its feedback period back in February (21st).
