USA - FLORIDA Law and Practice Contributed by: Marc W. Dunbar, Daniel J. McGinn and Dan Russell, Jones Walker LLP
8.2 AML Requirements The gaming industry is subject to the same require- ments as imposed at the federal level. 9. Advertising 9.1 Regulatory/Supervisory Agency The main regulatory agency is the Florida Gaming Control Commission. 9.2 Definition of Advertising There is no official definition of gaming advertising in Florida. 9.3 Key Legal, Regulatory and Licensing Provisions There are no gaming-specific legal, regulatory and licensing provisions in Florida. 9.4 Restrictions on Advertising There is no legislation or guidance specific to gaming, civil enforcement of unauthorised use of agency trade marks or unauthorised/improper misrepresentation of agency approval or partnerships. 9.5 Sanctions/Penalties There are no sanctions/penalties for infringing adver- tising regulations specific to gaming, but civil penalties for trade mark or copyright infringement may apply. 10. Acquisitions and Changes of Control 10.1 Disclosure Requirements Transfer or control of a licence, a change of officer or director, or a change to applicable 5%/10% share- holders will require the submission of a new applica- tion and may trigger fingerprinting requirements if the person or entity triggering the disclosure is not cur- rently licensed by the Commission. 10.2 Change of Corporate Control Triggers Any of the changes to corporate control described in 10.1 Disclosure Requirements will trigger the need for an updated or new application.
10.3 Passive Investor Requirements The requirements for passive investors in acquisitions or changes of control are 5% ownership in a slot- machine facility and 10% ownership in other facilities.
11. Enforcement 11.1 Powers
The regulatory bodies can exercise all of the regula- tory and executive powers of the state with respect to gambling, and ensure that the laws of Florida are not interpreted in any manner that expands the activi- ties authorised in Chapter 24, Part II of Chapter 285, Chapter 546, Chapter 550, Chapter 551 or Chapter 849. The Division of Gaming Enforcement is treated as a state-wide criminal justice agency pursuant to Section 943.045, Florida Statutes. 11.2 Sanctions Sanctions are enforced through an administrative process subject to Florida’s Administrative Procedure Act. Criminal violations are tried through the criminal court system. 11.3 Financial Penalties Penalties are assessed on a case-by-case basis sub- ject to statutory limits. Pari-mutuel activity taxation is based on a percentage of wagering handle, cardroom activity is based on a percentage of table gross receipts, and slot-machine gaming is based on a percentage of gross gaming revenue and compared to the amount of tax paid dur- ing FY 2008–09 (eg, the tax on slot-machine revenue is 35%, but subject to additional considerations and adjustments). The general rates, credits and exclusions from taxa- tion depend on the type of licence held by the opera- tor, and typically also on where in the state the activity is occurring. 12. Tax 12.1 Tax Rate by Sector
571 CHAMBERS.COM
Powered by FlippingBook