Section 1900.530 Identification and Requirements of Key Persons

Section 1900.530  Identification and Requirements of Key

Persons

a)         Applicants

and licensees shall disclose the identity of key persons.  Key persons must be

approved by the Board and maintain suitability as a key person of the licensee.

b)         With respect

to an applicant for, or the holder of, a master sports wagering license or

management service provider license, key person shall include:

1)         Any person

with an ownership interest or voting rights of 5% or more in the licensee or

applicant, and the trustee and beneficiaries of any trust holding the ownership

interest or voting rights; and

2)         The directors

of the licensee or applicant and its Chief Executive Officer, Chief Operating

Officer, and Chief Financial Officer, or their functional equivalents, and any

managers of a limited liability company.

c)         With

respect to an applicant for, or holder of, a supplier license or a tier 2

official league data provider license, key person shall include:

1)         Any person

with an ownership interest or voting rights of 5% or more in the licensee or

applicant, and the trustee and beneficiaries of any trust holding the ownership

interests or voting rights; and

2)         The Chief

Executive Officer, Chief Operating Officer and Chief Financial Officer or their

functional equivalents.

d)         In

addition to the persons named in subsections (b) and (c), the key persons

include all other persons that the Board determines hold a position or a level

of ownership, control or influence that is material to the regulatory concerns

and obligations of the Board for the specified licensee or applicant.

e)         Individuals

required to hold a level 1 occupational license, pursuant to Section

1900.150(b), may also be certified by the Board as key persons.  For these individuals,

the disclosure and approval requirements and the standards for compliance with

this Part shall be those related to key persons

egulatory concerns

and obligations of the Board for the specified licensee or applicant.

e)         Individuals

required to hold a level 1 occupational license, pursuant to Section

1900.150(b), may also be certified by the Board as key persons.  For these individuals,

the disclosure and approval requirements and the standards for compliance with

this Part shall be those related to key persons.

1)         An

individual denied an occupational license or whose license is revoked by a

final determination of the Board is unsuitable to be, and shall not be allowed

to function as, a key person of any applicant or licensee.

2)         An

individual who, by voluntary action, relinquishes status as a level 1

occupational licensee and remains or becomes a key person shall be required to

comply with all requirements imposed by the Board and this Part upon key

persons.

f)         Each

person designated as a key person shall:

1)         File an

individual personal disclosure form or business entity disclosure form;

2)         File,

on an annual basis, a disclosure affidavit, updated personal and background

information, and updated tax and financial documents and information;

3)         Comply

with the applicable provisions of this Part and shall disclose promptly to the

Board (within 30 days) any material changes in status or information previously

provided to the Board;

4)         As required,

cooperate fully with Board agents in any investigation conducted by the Board;

5)         Maintain

suitability as a key person; and

6)         Be subject

to a fine or other appropriate discipline for each act or omission that is

grounds for discipline of a licensee under Section 1900.310.

g)         An

individual identified as a key person of a master sports wagering licensee or

management services provider licensee shall not act in that role until after

submission of an individual key person personal disclosure form.