One of the regulatory requirements that stems from the regulatory instruments applicable to MGA licensees is that of the submission of audited financial statements for each financial year, by not later than 180 days after the end of such financial year.
The Authority is aware that adherence to such obligation is dependent on a thorough process which licensees must undergo with qualified third parties, and that the current situation in Malta and elsewhere, due to the COVID-19 pandemic, is such that such this may be difficult to complete in the timeframes which are expected in normal circumstances.
In this light, the Authority is hereby informing licensees whose last concluded financial year ended, or ends, between December 2019 and March 2020, that the deadline for submission of the audited financial statements envisaged in article 41 of the Gaming Authorisations and Compliance Directive is hereby extended to the end of October 2020. Nevertheless, by not later than 180 days after the end of their financial year, licensees are obliged to submit unaudited accounts, in order for the Authority to retain continuous visibility over their financial standing.
Should other considerations be required as the situation develops, the Authority will act accordingly and proportionately in line with the relevant developments.
Source: mga.org.mt
Originally published April 15, 2020
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