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MGA extends deadline for the submission of audited financial statements

MGA extends deadline for audited financial statements

The Malta Gaming Authority deadline for the audited financial statements has been extended to the end of October 2020.

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Russell Mifsud

Director, Gaming

KPMG in Malta

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One of the regulatory requirements that stems from the regulatory instruments applicable to MGA licensees is that of the submission of audited financial statements for each financial year, by not later than 180 days after the end of such financial year.

The Authority is aware that adherence to such obligation is dependent on a thorough process which licensees must undergo with qualified third parties, and that the current situation in Malta and elsewhere, due to the COVID-19 pandemic, is such that such this may be difficult to complete in the timeframes which are expected in normal circumstances.

In this light, the Authority is hereby informing licensees 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.  Nevertheless, by not later than 180 days after the end of their financial year, licensees are obliged to submit unaudited accounts, in order for the Authority to retain continuous visibility over their financial standing.

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

 

Source: Malta Gaming Authority Official Website -https://www.mga.org.mt/mga-extends-deadline-for-the-submission-of-audited-financial-statements/

MGA extends deadline for audited financial statements

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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