The Treasury for the Isle of Man has released proposals for the Gambling Supervision Bill of 2008, which would provide for the Gambling Supervision Commission on the island to become a Statutory Board.
In addition, the proposals would expand on the Commission’s constitution, status and exercise of functions but not alter the body’s existing regulatory objectives. These include ensuring that gambling is conducted in a fair and open way while protecting children and other vulnerable persons from being harmed or exploited by gambling.
In addition, the Commission is tasked with preventing gambling from being a source or supporter of crime and disorder while also supporting the island’s economy and its development in the international finance sector.
The Treasury has also taken the opportunity to address a number of minor issues that have arisen from the application of existing legislation. These include enabling the Commission to make arrangements with other regulators for mutual assistance and limiting the liability of its members and executive staff alongside simplifying the appeals process.
The Gambling Supervision Bill also allows the Commission, under the Online Gambling Regulation Act of 2001, to draft regulations that would afford protection to players’ funds deposited with an operator as if they were held in trust. This would remove the current requirement of gaming companies to provide bank guarantees or establish separate trust funds in order to hold monies equivalent to those deposited by the player.
Sponsorship of the Gambling Supervision Commission was transferred from the Department of Home Affairs to the Treasury last year and the new Bill would see the Commission placed on a similar standing to the other regulatory bodies aligned to the Department.
The full text of the bill can be read at the Treasury’s website and any responses should be sent by e-mail to Colin.Cowley@Treasury.Gov.im by December 24.