Code of Massachusetts Regulations › 205 CMR - MASSACHUSETTS GAMING COMMISSION › Title 205 CMR 212.00 - Additional Information and Cooperation › Section 212.01 - Additional Information and Cooperation

Current through Register 1525, July 5, 2024
(1)
			 The Commission, the Bureau or their agents and employees may request additional
			 information and documents from an Applicant including all qualifiers, employee
			 license, vendor license or registration, or any other license or registration
			 required in accordance with M.G.L. c. 23N or 205 CMR throughout the application
			 review process. Failure by the Applicant to timely submit the additional
			 information as requested by the Commission, the Bureau or their agents and
			 employees may be grounds for denial of the application.
(2) All Applicants, licensees, registrants
			 and qualifiers under M.G.L. c. 23N and 205 CMR shall comply with all requests
			 of the Commission, the Bureau and their agents and employees for information
			 and documents as authorized by M.G.L. c. 23N and 205 CMR.
(3) Applicants, licensees, registrants and
			 qualifiers shall respond within ten days or within the time specified in an
			 information request by the Commission, the Bureau and their agents and
			 employees under 212.01(1) and 212.01(2) to said information request.
(4) All Applicants, licensees, registrants
			 and qualifiers under M.G.L. c. 23N shall have a continuing duty to provide all
			 information and documents requested by the Commission, Bureau, and their agents
			 and employees and to cooperate in any investigation or hearing conducted by the
			 Commission, Bureau, and their agents and employees, as authorized by M.G.L. c.
			 23N.
(5) Once issued a positive
			 determination of suitability, all Sports Wagering Operators and qualifiers
			 shall have a continuing duty to maintain suitability in accordance with
			 205 CMR
			 215.00. The Sports Wagering Operator and each
			 qualifier shall have a continuing duty to notify and update the Bureau, in
			 writing, within ten days of the occurrence, unless an alternative filing time
			 is authorized by the executive director, or where applicable, gaining knowledge
			 of the following:
(a) Any denial, suspension
			 or revocation by a Governmental Authority in any jurisdiction of a Sports
			 Wagering related license, registration, certification, permit or approval held
			 by or applied for by the Sports Wagering Operator or qualifier;
(b) Any discipline, including a fine or
			 warning, related to Sports Wagering imposed upon the Sports Wagering Operator
			 or qualifier by any Governmental Authority in any jurisdiction;
(c) Any fine related to Sports Wagering
			 assessed on any Sports Wagering entity owned or operated by the parent to the
			 Sports Wagering Operator by any Governmental Authority in any
			 jurisdiction.
(d) Any arrest,
			 indictment, charge or criminal conviction of any qualifier in any
			 jurisdiction;
(e) Any complaints,
			 allegations, or notice of investigation thereof made or known to be
			 contemplated by a Governmental Authority against the Sports Wagering Operator,
			 qualifier, or any Sports Wagering entity owned or operated by the parent to the
			 Sports Wagering Operator, of which the Sports Wagering Operator or qualifier is
			 or should reasonably be aware, involving conduct that if substantiated could
			 reasonably lead to potential revocation or suspension of the license or
			 approval held by the Sports Wagering Operator, qualifier, or Sports Wagering
			 entity owned or operated by the parent to the Sports Wagering Operator, in that
			 jurisdiction and/or imposition of a fine of $50,000 or greater;
(f) Any reports, complaints, allegations, or
			 material legal proceedings made, commenced, or known to be contemplated by a
			 Governmental Authority against the Sports Wagering Operator or qualifier, of
			 which the Sports Wagering Operator or qualifier is or should reasonably be
			 aware, involving conduct that if substantiated could reasonably lead to
			 potential criminal charges including, but not limited to, allegations of theft
			 or embezzlement;
(g) Any information
			 known or that should reasonably be known to the Sports Wagering Operator or
			 qualifier, including by way of receipt of a subpoena, that the Sports Wagering
			 Operator or qualifier is or may be the subject of a criminal investigation by a
			 law enforcement or regulatory agency;
(h) Any exclusion or barring of a qualifier
			 from any casino, gaming establishment, or gambling/gaming related entity, or
			 Sports Wagering or Sports Wagering facility in any jurisdiction; however, this
			 shall not include exclusions or barring of a qualifier which stem solely from
			 the interest in, or position they hold with, the Sports Wagering
			 Operator;
(i) The termination,
			 suspension from employment, or other discipline of any qualifier or Sports
			 Wagering employee licensed in accordance with 205 CMR;
(j) Any material pending legal proceedings
			 required to be reported in accordance with
			 17 CFR
			 229.103 - (Item 103) Legal proceedings: For
			 purposes of205 CMR 212.01(5)(j)
			  the registrant referred to in
			 17 CFR
			 229.103 - (Item 103) shall be both the Sports
			 Wagering Operator and the parent company of the Sports Wagering Operator as
			 determined by the Bureau. Additionally, the Sports Wagering Operator and each
			 qualifier shall provide notice of any pending legal proceeding which includes
			 any allegation of fraudulent conduct by the Sports W agering Operator or a
			 qualifier, that may reasonably threaten the economic viability of the Sports
			 Wagering Operator or a qualifier, or that alleges a pattern of improper conduct
			 by the Sports Wagering Operator or a qualifier over a sustained period of
			 time;
(k) Any significant financial
			 event related to a Sports W agering Operator or entity qualifier. For purposes
			 of 205 CMR
			 212.01(5)(k), a significant
			 financial event means a merger, acquisition, consolidation, debt restructuring,
			 material change in debt rating by major credit rating agencies
			 (US/International), legal entity change, material ownership change, the
			 assessment of a fine or penalty of $250,000 or greater by the SEC or
			 international equivalent, restatement of previously issued financial
			 statement(s), late filing of financial statement(s) with the SEC or
			 international equivalent, US or international equivalent bankruptcy petition,
			 default of financial debt covenants and receivership, disposal of a material
			 business segment or asset, or adverse action(s) taken by the IRS;
(l) Issuance of an "Adverse" or "Qualified"
			 audit opinion, or the international equivalent, by an independent accountant to
			 the Sports Wagering Operator or qualifier;
(m) A change in accounting firm engaged to
			 perform attestation and/or assurance services for the Sports Wagering Operator
			 or qualifier; and
(n) Issuance of a
			 delisting notice from a United States or international stock exchange relative
			 to the Sports Wagering Operator or qualifier.