Code of Massachusetts Regulations › 205 CMR - MASSACHUSETTS GAMING COMMISSION › Title 205 CMR 15.00 - Racing Meeting Licensing › Section 15.08 - Additional Information and Cooperation of Racing Meeting Applicants and Licensees

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 or its qualifiers, or any other person associated
			 with the applicant whose licensure or registration is required under M.G.L. c.
			 128A and 128C or 205 CMR, throughout the application review process. Failure by
			 the applicant, qualifier, or other person 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,
			 qualifiers, or other person whose licensure or registration is required under
			 M.G.L. c. 128A and 128C, or 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. 128A and 128C, and 205 CMR.
(3) Applicants, licensees, registrants, and
			 qualifiers, and other persons 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 15.08(1) and 15.08(2), to said information
			 request.
(4) All applicants,
			 licensees, registrants, qualifiers and other persons 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. 23K, § 7.
(5) Once issued a positive determination of
			 suitability, all licensees and qualifiers shall have a continuing duty to
			 maintain suitability in accordance with
			 205
			 CMR 15.04. Each licensee or 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, after gaining knowledge of the
			 following:
(a) Any denial, suspension or
			 revocation by a governmental authority in any jurisdiction of a racing-,
			 gaming, or sports-wagering-related license, registration, certification, permit
			 or approval held by or applied for by the licensee or qualifier;
(b) Any discipline, including a fine or
			 warning, related to racing, imposed upon the licensee or qualifier by any
			 governmental authority in any jurisdiction;
(c) Any fine related to racing assessed on
			 any entity owned or operated by the parent to the licensee 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 racing meeting licensee,
			 qualifier, or any racing entity owned or operated by the parent to the
			 licensee, of which the licensee 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 licensee,
			 qualifier, or racing entity owned or operated by the parent to the licensee, 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 licensee or qualifier, of which the licensee
			 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 licensee or qualifier, including by way of receipt
			 of a subpoena, that the licensee 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
			 race track 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 licensee;
(i) The
			 termination, suspension from employment, or other discipline of any qualifier
			 or racing 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
			 licensee and the parent company of the licensee as determined by the Bureau.
			 Additionally, the licensee and each qualifier shall provide notice of any
			 pending legal proceeding which includes any allegation of fraudulent conduct by
			 the licensee or a qualifier, that may reasonably threaten the economic
			 viability of the licensee or a qualifier, or that alleges a pattern of improper
			 conduct by the licensee or a qualifier over a sustained period of
			 time;
(k) Any significant financial
			 event related to a licensee or entity qualifier. For purposes of
			 205
			 CMR 15.08(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 Racing Meeting Licensee or qualifier;
(m) A change in accounting firm engaged to
			 perform attestation and/or assurance services for the licensee or qualifier;
			 and
(n) Issuance of a delisting
			 notice from a United States or international stock exchange relative to the
			 licensee or qualifier.