FRENCH REGS PROGRESS
11 July 2008
Practical requirements a feature of new approach
to online gambling
Since agreeing with the European Commission to
liberalise its gambling markets (see previous InfoPowa
reports), France is making steady progress in drafting
proposed regulatory requirements for submission to the
European Commission, local media reported this week.
Apparently a major contributor to the process has been
the French National Crime Commission headed by Alain
Bauer, which has helped the drafters with guidelines
that include the creation of a suitably staffed and
empowered regulatory and enforcement body with access to
licensee gaming servers to facilititate monitoring and
professional auditing.
Licensees will be required to provide information on
demand to regulators, and precautions against "insider
trading" will be incorporated in the requirements.
It is understood that another requirement before
experienced licensees will be accepted will be a
documented and confirmed track record of at least seven
years as a corporate entity, and that full and complete
disclosure on management, investors and shareholders
will be mandatory. Owners and operational management
will also be subjected to stringent background checks.
Following what are believed to be similar requirements
being framed by the South African regulators, players
will have to pre-register with official personal and
banking identification, and will only be able to play
after providing a personal identification number. Strict
anti-underage or problem gambling access will be a
priority.
France has undertaken to work with the European
Commission in framing and introducing the regulations
next year.
Online Casino News courtesy of
InfoPowa
More news here.
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