The existing guidance and additional guidance issued during the COVID-19 pandemic will still apply and be available for operators to refer to until 12 September. The updated consumer protection guidance will help gambling businesses understand and comply with the new rules, which come into effect on 12 September. In April the Commission announced new rules to ensure online gambling businesses do more to identify and take action to protect customers at risk of harm. The new consumer protection guidance, which gambling businesses are required to take account of, will help them comply with new rules coming into effect in September. The UK Gambling Commission (UKGC) updated its new list of rules on high-risk gamblers. The NPB’s public statement is available in English at: As the NPB has currently several pending cases against MGA licenced operators, it remains to be seen who will be first ones to follow the Curaçao competitors to the Blacklist. As the PSP-blocking system in Finland is starting in the beginning of 2023, this means that the Companies will be the first ones to be placed on the payment blocking list (“ Blacklist”) if they remain uncompliant. The prohibition orders are in force for 12 months period renewable by a maximum 12 months per time. There were slight delays with the delivery of the formal decisions and thus the prohibition orders entered into force only in May 2022. ![]() In the end of January 2022, the case had proceeded to the point in which the NPB issued prohibition orders and conditional fines for the Companies. As the scope of the Finnish Lotteries Act covers foreign gambling operators to the extent their services are available in Finland, the NPB proceeded with the case. The NPB’s communication with the Companies was not fruitful with the Companies underlining the fact that none of their operations were performed from Finland and thus the NPB lacked authority. Multiple complaints were made for the Finnish Competition and Consumer Authority (“ FCCA”) and for the National Police Board (“ NPB”) starting from April 2020 and in September 2020 the NPB opened administrative proceedings against the Companies. (“ Companies”) had been aggressively marketing and selling their gambling products via phone for the Finnish customers, which attracted a lot of negative attention among the Finns. Two Curaçao based gambling operators, Nordic Tech Services N.V. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.Article written by Antti Koivula, consulting legal advisor at Legal Gaming Both are wholly-owned subsidiaries of Bank of America Corporation.īanking products are provided by Bank of America, N.A. Trust, fiduciary and investment management services are provided by Bank of America, N.A. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. ![]() Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). Additional information is available in our Client Relationship Summary. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. You should consult your legal and/or tax advisors before making any financial decisions. Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. There is always the potential of losing money when you invest in securities.Īsset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
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