La. Admin. Code tit. 42 § III-2505

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-2505 - Transfer of Interest; Publicly Traded Securities

A. Each person, other than an institutional investor as defined in the Act, who individually, or in association with others, acquires an ownership or economic interest of 5 percent or more of any class of publicly traded voting securities of a licensee, permittee, casino operator or casino manager, or an affiliate, shall submit all required applications to the board or division for a determination of qualification and suitability in accordance with the Act and rules. The application for the suitability determination shall be filed within 30 days of acquisition of the securities.

B. An institutional investor as defined by the Act who individually, or in association with others, acquires an ownership or economic interest of 5 percent or more of any class of publicly traded voting securities of a licensee, permittee, casino operator or casino manager, or an affiliate, shall notify the board or division within 10 business days after the acquisition of the voting securities. Upon receipt of the notice, the division shall determine if the institutional investor has previously submitted the certification required by R.S. 27:27. If the institutional investor does not have a valid certification on file, it shall submit the required certification documents within 30 days of receiving written notice from the division.

C. The licensee, permittee, casino operator or casino manager shall provide notice to the board and division within 5 days of obtaining knowledge of the accumulation of an ownership interest of 5 percent or more of any class of publicly traded voting securities of the licensee, permittee, casino operator or casino manager, or an affiliate.

D. If the board finds that the holder of the security is not qualified and suitable in accordance with the Act and rules, the holder of the security shall not receive dividends or interest on the security, exercise directly or indirectly any right conferred by the security, receive any remuneration or economic benefit or continue in ownership of the security. Within 30 days of the finding that the holder is not qualified and suitable, the issuer of the security shall purchase the security from the holder for the lesser of the current fair market value or the original purchase price.

La. Admin. Code tit. 42, § III-2505

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1625 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.