Missouri Code of State Regulations › Title 11 - DEPARTMENT OF PUBLIC SAFETY › Division 45 - Missouri Gaming Commission › Chapter 4 - Licenses › Section 11 CSR 45-4.020 - Licenses, Restrictions on Licenses, Licensing Authority of the Executive Director, and Other Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines and describes types of
				  licenses, restrictions on licenses, licensing authority of the executive
				  director, and other definitions.
(1) A Class A license shall be a license
				granted by the commission to allow the parent organization(s) or controlling
				entity, as determined by the executive director, to develop and operate Class B
				licensee(s). A Class A licensee may, if authorized by the commission, operate
				more than one Class B licensee. Class A and Class B licensees may not be
				licensed as suppliers.
(2) A Class
				B license shall be a license granted by the commission to maintain, conduct
				gambling games on, and operate an excursion gambling boat and gaming facility
				at a specific location.
(3)
Exemptions.
(A) A key person or key
				business entity who is the holder of five percent (5%) or more publicly traded
				interest or one percent (1%) or more privately held interest, but not more than
				ten percent (10%) publicly traded or privately held interest, who holds such
				interest only for passive ("Not involving active participation; esp., of or
				relating to a business enterprise in which an investor does not have immediate
				control over the activity that produces income." Black's Law Dictionary Seventh
				Edition) investment purposes (including economic purposes) may be exempted from
				licensure by the executive director.
(B) The commission by
				majority vote may grant exemption from licensure for holdings of up to twenty
				percent (20%).
(C) Exemptions may be granted to institutional
				investors in advance to hold interest in multiple licensees.
(D)
				Exemptions shall be for two (2) years unless renewed.
(E) Requests for
				exemption from licensure must be submitted on a Request of Waiver for Licensure
				of Institutional Investor form, which is available for public inspection at the
				offices of the commission and online at the commission's website (
www.mgc.dps.mo.gov
). Request forms
				shall be submitted in advance of acquiring such interest or within ten (10)
				days thereafter certifying under oath-
1. The interest is being
				acquired for passive investment purposes;
2. The holder does not
				nor will it have any involvement in the management activities of the
				entity;
3. The holder does not have any intention of
				controlling the entity regardless of additional stock that may be
				acquired;
4. The holder will within ten (10) days notify the
				commission of any purchase of stock in the entity which causes the total
				holding of the entity's outstanding stock to exceed the threshold for which the
				waiver is granted;
5. In the event the holder subsequently develops an
				intention of controlling or participating in the management of said entity,
				said holder shall notify the commission of said change and refrain from
				participating in management or exercising such control until approved for
				licensure by the commission;
6. The home and business address,
				occupation, employer, and title if the applicant is an individual;
				and
7. The type of entity (corporation, partnership,
				limited partnership, LLC, LLP, etc.), state of charter, and the names and both
				home and business address of the following personnel if the applicant is a
				business entity-
A. Chief executive officer (CEO);
B.
				Chief financial officer (CFO);
C. Chief operating
				officer (COO);
D. Managing partner(s);
E. General
				partner(s);
F. Members of the Board of Directors; and
G.
				The registered agent;
8. The executive
				director shall keep a record of all such exemptions granted and the positions
				held by each entity and shall present a written report on the same to the
				commission on a monthly basis; and
9. Nothing in this
				section including the granting of an exemption shall prohibit the commission,
				at a future date, in its sole discretion, with or without cause from requiring
				any owner of any interest in a licensee from becoming licensed by the
				commission or to divest itself of stock ownership.