Within twenty-one (21) days from the issuance of the Letter of Intent, the applicant must appoint at least one Key Official. The Key Official must be:
The Key Official must personally supervise the operations of the licence holder and ensure compliance with all applicable laws and regulations. As director of the company, the Key Official is bound by the general precepts set forth in Article 136A of the Companies Act: to act honestly and in good faith in the best interest of the company. Consequently, the Key Official must seek to obtain the most advantageous return to the Company, and in so doing must adhere to statutory precepts such as professional secrecy, compliance with corporate, fiscal and special laws and by any restrictions, including but not limited to any reserved matters, which may be specified in the memorandum and articles of association of the gaming company. Where the Key Official wishes to hold office in more than one remote gaming company, the Authority may request that the written consent of all remote gaming companies involve, to ensure that the key official does not have any competing interest.
The Key Official acts as the main contact point between the licence holder and the Lotteries and Gaming Authority. Therefore, he/she has to adopt a “hands-on” approach and furnish the Authority with any information which may be requested by the Authority in furtherance to the business of the licence holder. Furthermore, the Key Official is requested to:
- Report any suspicious transactions to the Authority or local authorities;
- Remit the gaming tax to the Authority without delay (payable within the 20th day of the next month after which the gaming tax is due);
- Promptly inform the Authority of the appointment or termination of any person employed by the remote gaming company;
- Promptly inform the LGA of any incident which impedes, hinders or obstructs the gaming operation e.g. any failure in the hardware, downtime, whether scheduled or unscheduled by means of the filing of a incident report to the LGA;
- Timely submit other statutory filings to the LGA, including but not limited to semester management accounts and the audited financial statements.
The Key Official must be approved by the Authority and he/she cannot be divested from this role without the prior written approval of the Authority. Therefore key officials seeking to resign from their post or any shareholders wishing to remove the key official must seek the prior written consent of the Authority. At least one key official must be retained by the licence-holder at all times.
As part of our policy to provide a one-stop shop, Focus Business Services can provide the role of Key Official to gaming applicants. Our team of lawyers and accoutants can assure licence-holders comply with the gaming and statutory requirements inherent in the role of key official, irrespective of whether the licence holder is a start-up operation or long-established.
Contact one of our officers for advice and assistance regarding any aspects of remote gaming and the appointment of a key official. Simply fill in the contact box below or contact us by email on firstname.lastname@example.org or by calling at +356 2338 1500
We are committed to providing you with a swift solution best suited to your needs.