Mo. Code Regs. tit. 11 § 45-40.060
Current through Register Vol. 49, No.12, June 17, 2024
Section 11 CSR 45-40.060 - Segregated Account RequirementsPURPOSE: This amendment changes the requirement that describes how fantasy sports contest operators segregate player funds from operational funds for fantasy sports contest operators to be consistent with SB 87, 100th General Assembly.
PURPOSE: This rule addresses the segregated account requirements for the protection of player funds.
(1) The licensed operator shall maintain a properly constituted special purpose entity approved by the commission to segregate player funds from operational funds as required by section 313.915, RSMo. If the commission approves in writing an alternate approach to seg-regating player funds as authorized by section 313.915.5, RSMo the licensed operator shall comply with all terms and conditions of the written approval.(2) If, at any time, the funds held by the special purpose entity are less than the amount required by section 313.915, RSMo, the licensee shall notify the commission of this deficiency within forty-eight (48) hours.(3) Each licensed operator shall continuously monitor and maintain a record of all funds held in player accounts and the amount held by the special purpose entity to ensure compliance with section 313.915, RSMo.(4) The licensed operator shall provide the commission with documentation of both the amount of funds held in player accounts and the amount held by the special purpose entity as of the last day of each month by the fifteenth day of the following month.Adopted by Missouri Register February 15, 2017/Volume 42, Number 04, effective 3/31/2017Amended by Missouri Register December 3, 2018/Volume 43, Number 23, effective 1/29/2019Amended by Missouri Register May 1, 2020/Volume 45, Number 9, effective 6/30/2020