U.K. License Holders Must now Submit Quarterly Returns

Sat, Apr 6, 2024

Beginning July 1, the U.K. Gambling Commission (UKGC) will require license holders to submit regulatory returns quarterly. It hopes to achieve “harmonization of reporting periods” and “unified submission dates.”

U.K. License Holders Must now Submit Quarterly Returns

As of July 1 of this year all U.K. gambling license holders must submit regulatory returns every quarter. The new requirement was announced by the U.K. Gambling Commission (UKGC) after a consultation, SBC News reported March 28.

To expedite this, the commission will amend License Condition 15.3.1 with the goal of “harmonization of reporting periods and to achieve unified submission dates.”

It will also help the commission improve its budget and forecasting through understanding how much money it will receive. It will also be able to understand industry trends more clearly and improve industry statistics.

As a sop to industry concerns about more frequent reporting, the commission said the process itself will be simplified with 600 requirements eliminated. The transparency of the process and commission assistance are also intended to ease concerns.

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