Malta regulators propose new gaming legislation
The Malta Gaming Authority (MGA) has today published a White Paper proposing major reforms to Malta’s gaming legal framework, which is now open for public consultation.
The reforms would see existing legislation repealed and replaced by a single primary Act of Parliament entitled the Gaming Act.
Both Parliamentary Secretary for Financial Services, Silvio Schembri, and Executive Chairman of the MGA, Joseph Cuschieri, presented the White Paper.
The new legal framework would empower MGA to be more agile in its decision-making, as well as to help decrease unnecessary regulatory burdens.
The changes would include replacing the current multi-license system with a system in which there will be two different types of licenses – a B2C license and a B2B license – in order to cover different types of activities more efficiently. In the proposal, B2B licenses would be exempt from gaming tax.
In addition, the new law would introduce more effective processes for criminal and administrative justice, including the allocation of appeals from decisions of the authority to the Administrative Review Tribunal.
The White Paper reads: “Drawing from the Authority’s experience, it is preferable to have an independent administrator appointed to handle the assets of the licensed entity as well as to undertake such other functions as may be required. It is a concept which is used in the financial services sector, and is thus being extended to gaming.”
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