N.Y. Comp. Codes R. & Regs. tit. 9 § 5611.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 5611.1 - Criteria

(a)Financial stability required. Each registrant, and each of such registrant's principals, shall establish and maintain throughout the duration of such registrant's registration sufficient financial stability to ensure such registrant's ability to perform the duties and responsibilities of an interactive fantasy sports operator. The commission may consider any relevant evidence of financial stability.

(b)Sufficient funds. Each registrant shall be able to pay, as and when due, all local, State and Federal taxes, including the tax on gross revenues and regulatory costs imposed by Racing, Pari-Mutuel Wagering and Breeding Law sections 1407 and 1408, and any costs associated with the registration process. Registrants shall establish and maintain an account with sufficient funds to cover regulatory cost estimates, as provided by the commission. Such account shall be used solely for the purpose of maintaining balances to pay regulatory expense estimates. The commission may adjust regulatory expense estimates at any time. The registrant shall provide records demonstrating the ability to pay regulatory cost estimates upon request of the commission.

(c)Debt. Each registrant shall be able to pay, exchange, refinance or extend debts, including long-term and short-term principal and interest and capital lease obligations, that will mature or otherwise come due and payable during the registration term, or to otherwise manage such debts and any default with respect to such debts. Each registrant shall advise the commission of such registrant's plans to meet this standard with respect to any material debt or debts coming due and payable within 12 months after the end of the registration term.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5611.1

Adopted New York State Register October 18, 2023/Volume XLV, Issue 42, eff. 10/18/2023