MGA Authorized an Extended Deadline for Audited Financial Statements

27 Mar 2020

The new regulatory requirements needed from the Malta Gaming Authority (MGA) licensees that is is suggests audited financial statements to be handed out once per financial year. Up to 180 days can still be made available for the submission after the financial year has come to a close.

The MGA is completely aware of the difficult situations that can happen which can delay such a submission of important information. The requirement is very much obliged to a thorough process before the event can take place and the licensees work with third-party sources in order to make it happen. Recently, the COVID-19 pandemic has caused further delays as information is currently being limited on a global scale. Gathering the statistics needed for a financial assessment will be tricky since many of the products and services may be on halt until further notice. The timeframe required by these licensees may not be enough to gain all this information and submit a fully, detailed report.

This is why an even further extension has now been made that goes much further beyond the 180-day limit previously enacted. Normally, the financial year end for this submission was between December 2019 and March 2020, envisioned in the original article 41 of the Gaming Authorisations and Compliance Directive. Now the deadline has extended to October 2020. Despite this increased, 5-month extension, the submission of the audited financial statements are still a major requirement and will be monitored closely to make sure brand still meet this objective every year. This is so the MGA can still maintain its unprecedented supervision over its authorized licensees and to keep business running as per usual.

Currently, further precautions are also being taking into consideration. If any other issues have come to their attention, they will be responding ASAP with a detailed report on how best to handle the situation.

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