CNMV approves Garzon’s new revisions put forward towards the 2011 Gaming Law on safer gambling

Posted:: Jan 10, 2022 11:59 Category: Europe , Online , Regulatory , Posted by Maria

The National Securities Market Commission of Spain is seeing these provisions as a key criterion for market competition

Spain’s National Securities Market Commission, the CNMV, has accepted new revisions put forward towards the 2011 Gaming Law, which were approved by the Ministry of Consumer Affairs. These require safer gaming standards to be recognised as major market competitiveness criteria. Alberto Garzon, Spain‘s Minister of Consumer Affairs, who is in charge of driving significant revisions to the country’s gaming rules as a federal mandate, formally sought the corporate requirement.

alberto garzon
Alberto Garzon, Spain’s Minister of Consumer Affairs recommended the amendments put forward in the Gaming Law.

Garzon recommended that changes to the Gaming Law include CNMV assurances because “safer gambling amendments do not present unjustified restrictions on market competition”. New revisions to the Gaming Law were made for the “overriding reason of protecting public health in the form of the prevention of gambling addiction”. The CNMV granted Garzon’s request, citing empirical evidence acquired from the study and supervision of the state-level gaming industry that an increasing number of players, particularly young people, participate in remote gambling operations.

The CNMV also stated that additional regulatory control was needed to assist the Ministry of Consumer Affairs in its mission to overhaul Spain’s fragmented regulations. Back in 2021, the Ministry implemented a Royal Decree forbidding gambling advertising and sports sponsorships across Spain’s 17 autonomous communities, which was enacted as a federal edict. Last week, the Ministry began its mandate by holding a public consultation on its ‘Decree Project,’ with the goal of overhauling Spain’s existing problem gambling support network.

As Garzon and the Ministry go forward with stage-2 of federal reforms, focused on licensing, consumer safety, and the development of a new self-exclusion registry, significant changes are on the horizon for Spanish gaming incumbents.

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