UKGC Moves to Quarterly Reporting for Licensees after Consultation
LISTEN TO THIS ARTICLE:The United Kingdom Gambling Commission (UKGC) has announced the terms of the Licence Conditions and Codes of Practice (LCCP) for gaming operators in the UK jurisdiction will be changed later this year to require comprehensive reporting from gambling companies will move to quarterly from the current annual regulatory return.
The proposed change requires section 15.3.1 of the license conditions of the LCCP to be amended to reflect a quarterly return. Stakeholders in the gaming industry feel quarterly data will be more timely and can be used to advance responsible gaming in the gambling sector.
The change to licensee terms is due to take place later this year and comes into effect on the 1st of July. The UKGC says they are introducing this change following the recent consultation period on gaming legislation changes that are proposed to the gambling industry.
The regulator has addressed concerns about the extra work required to generate quarterly reports by stating it realized there was some extra work but did not see it as overly “burdensome” for gaming operators.
On request, licensees must provide the Gambling Commission with such information as the Commission may require, in such a form or manner as the Commission may from time-to-time specify, about the use made of facilities provided in accordance with this licence and the manner in which gambling authorised by this licence and the licensee’s business in relation to that gambling are carried on. […] In particular within 28 days of the end of each quarterly period licensees must submit an accurate Regulatory Return to the Commission containing such information as the Commission may from time to time specify.
Change Follows Consultation Process
This change has occurred as a direct result of the White Paper consultation on the proposed changes to the UK Gambling Act.
Related: UKGC Issues 7 Topics for Consultation on Gambling Changes
The UKGC asked participants in the consultation a series of questions regarding the information collated on the activities of gaming operators in the region. Industry stakeholders were asked for their opinion on the proposal to require gaming operators to make quarterly submissions to the UKGC instead of the annual returns.
There were more than 40 responses from stakeholders in the industry and half of these respondents thought it would be more beneficial for the Gambling Commission to receive regulatory returns every quarter.
More Business News
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for UKGC Moves to Quarterly Reporting for Licensees after Consultation