The Isle of Man Gambling Supervision Commission ("GSC") has announced a procedural update with the introduction of a Role Cessation Form. This new form formalises the process of notifying the GSC when key individuals step down from their roles with a Licence Holder.
Why Is This Update Important?
This update ensures that the GSC is promptly and accurately informed of changes in key personnel, helping to maintain regulatory oversight and operational integrity within the industry.
Who Needs to Submit the Form?
A Director of the Licence Holder is responsible for completing and submitting the form if any of the following individuals cease their involvement:
Shareholders with more than 5% holding
Designated Officials or Operations Managers
Company Directors
Investors contributing £250,000+ or 25%+ of total investment
Senior Managers responsible for corporate strategy, IT, security, compliance, finance, or commercial development
Money Laundering Reporting Officers (including deputies)
AML/CFT Compliance Officers (including nominated officers)
Shareholders of the Ultimate Parent Company with a 5% or less holding
Stakeholders making critical non-financial contributions
Beneficiaries, Settlors, Trustees, or Enforcers of a Trust
What Information Does the Form Require?
To complete the Role Cessation Form, the following details must be provided:
Date (or intended date) and reason for cessation
Details of the proposed replacement (if applicable)
Declaration confirming that the Licence Holder has assessed any potential risks arising from the role change
How to Submit the Form
The completed and signed form must be emailed to the Licence Holder's Lead Inspector or to GSCGeneralSupervision@gov.im.
Key Takeaway
Timely submission of the Role Cessation Form is crucial. Delays in submission may result in processing delays and additional follow-up queries from the GSC, not least if the cessation of a role has impacted others fulfil their regulatory obligations.
The form is now available in the Forms & Returns section of the GSC website. We recommend reviewing your internal procedures to ensure compliance with this new requirement.
Stay informed, stay compliant.
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