Moreover, licensees are reminded to ensure that the Audited Financial Statements:

• Are prepared in accordance with International Financial Reporting Standards;


• For B2C licensees providing gaming services by remote means, illustrate the Player Funds Account Balance separately under the Cash and Cash Equivalents Note to the Audited Financial Statements as well as illustrate player funds under the Trade and Other Payables Note to the Audited Financial Statements;


• Are accompanied by the Directors’ Report which shall be drawn up in accordance with Article 177 of the Companies Act (CAP. 386 of the Laws of Malta). This requirement shall also apply to companies defined as “small” under the Companies Act.

Licensees are also reminded to make the necessary arrangements with their auditors to prepare the Agreed-Upon Procedures Report drawn up in accordance with ISRS 4400 (Revised) Agreed-Upon Procedures Engagements which are distinct from the statutory auditor’s report and are thus subject to separate terms of engagement.

Applicability

The requirement to submit the Audited Financial Statements applies to:

• All companies licensed by the MGA as at the Audited Financial Statements due date. This applies irrespective of whether or not the company was licensed by the MGA during the period covered by the financial statements.


• All companies covered by a Corporate Group Licence.

Submission through the Licensee Relationship Management System

The Audited Financial Statements shall be submitted through the Licensee Relationship Management System which can be accessed through . In this regard, licensees will be required to upload the documentation by selecting the Audited Financial Statements option which will be visible in Draft mode within the licensee’s timeline.

Licensees are kindly requested to contact the MGA by sending an email to pfr.mga@mga.org.mt for any clarification or additional guidance.