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MGA extends deadline for the submission of audited financial statements

On the 26th March 2020 the Malta Gaming Authority (“The MGA”) issued a circular to licensees regarding the submission of audited financial statements.

All licensees are required to submit their audited financial statements for each financial year, by not later than 180 days after the end of such financial year. However, the MGA acknowledges that due to the COVID-19 pandemic, licensees may be in a difficult position to abide by the timeframes which are expected in normal circumstances.

Therefore, the MGA has informed licence holders whose last concluded financial year ended, or ends, between December 2019 and March 2020, that the deadline for submission of the audited financial statements envisaged in article 41 of the Gaming Authorisations and Compliance Directive is hereby extended to the end of October 2020.  However, licensees are still obliged to submit unaudited accounts, by not later than 180 days after the end of their financial year.

Should other considerations be required as the situation develops, the MGA will act accordingly and proportionately in line with the relevant developments.

Update written by Dr Luke Mizzi.

For further information regarding gaming matters and COVID-19 gaming related matters kindly contact Reuben Portanier on rportanier@afilexion.com or Dr Terence Cassar on tcassar@gtgadvocates.com.

This article is not intended to impart legal advice and readers are asked to seek verification of statements made, from an advocate or law firm, before acting on them.