Others

MGA publishes a Policy on Outsourcing by Authorised Persons

Friday 15 de June 2018 / 13:54

⏱ 1 min read

(Malta).- The MGA has published a document entitled ‘Policy on Outsourcing by Authorised Persons’, in view of the gaming industry’s interdependency on an ever increasing range of B2B providers.

MGA publishes a Policy on Outsourcing by Authorised Persons

Through this policy, in tandem with the forthcoming implementation of the new regulatory regime, the MGA is establishing a clearer framework on what services and functions may be outsourced by authorised persons to third parties, and which criteria and standards must be adhered to in order to ensure that the relevant risks, particularly the risks that may result in regulatory action, financial loss or loss of reputation for authorised persons, are managed.

Through this policy, the MGA is also introducing a requirement for authorised persons to assign an employee with the overall responsibility for the outsourced service relationship, who is fit and proper and possesses adequate knowledge and experience to be in a position to challenge performance by the third party provider.

Persons applying for a licence on or after 1 August 2018 shall be required to comply with this policy. All other authorised persons shall be subject to a transitory period ending 31st December 2018.

The ‘Policy on Outsourcing by Authorised Persons’ may be accessed here and is to be read in parallel with the legal requirements imposed on authorised persons by virtue of applicable legislation.

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