Indiana Administrative Code
Title 68 - INDIANA GAMING COMMISSION
Article 5 - TRANSFER OF OWNERSHIP
Rule 2 - Persons other than Publicly Traded Corporations
Section 2-3.2 - Institutional investors

Universal Citation: 68 IN Admin Code 2-3.2

Current through September 18, 2024

Authority: IC 4-33-4; IC 4-35-4

Affected: IC 4-33; IC 4-35

Sec. 3.2.

(a) An institutional investor who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of five percent (5%) or more of the beneficial interest in a casino licensee, casino license applicant, or supplier licensee, where the licensee is not a publicly traded corporation, must notify the commission within thirty (30) business days after the institutional investor acquires the interest.

(b) An institutional investor who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of fifteen percent (15%) or more of the interest in a riverboat licensee, riverboat license applicant, gambling game licensee, gambling game license applicant, or supplier licensee, where the licensee is not a publicly traded corporation, must apply to the commission for a finding of suitability within forty-five (45) days after acquiring the interest. A riverboat licensee, gambling game licensee, or supplier licensee must notify each person who is subject to this section of its requirements, provided that the obligations of the person subject to this rule are independent of, and unaffected by, the entity's failure to give notice.

(c) The following activities are consistent with being an institutional investor under this section:

(1) Voting, directly or indirectly, through the delivery of a proxy furnished by the board of directors, on all matters voted on by the holders of the interest.

(2) Serving as a member of a committee of creditors or security holders formed in connection with a debt restructuring.

(3) Nominating a candidate for election or appointment to the board of directors in connection with a debt restructuring.

(4) Accepting appointment or election as a member of the board of directors in connection with a debt restructuring and serving in that capacity until the conclusion of the member's term.

(5) Making financial and other inquiries of management of the type normally made by securities analysts for information purposes and not to cause a change in its management, policies, or operations.

(6) Other activities that the commission determines to be consistent with investment intent.

(d) Subsections (a) and (b) do not apply to an underwriter during the first ninety (90) days of the underwriting.

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