New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 69C - CASINO LICENSEES
Subchapter 2 - PERSONS REQUIRED TO BE LICENSED OR QUALIFIED
Section 13:69C-2.7 - Qualification of new directors, officers, or other qualifiers of a holding company

Universal Citation: NJ Admin Code 13:69C-2.7

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The Director of the Division shall designate persons that must qualify in connection with a holding company in accordance with 5:12-85.1, and any proposed new director, partner, officer or other natural person so required to qualify pursuant to 5:12-85.1, by virtue of his or her position with a holding company of a casino licensee, shall not perform any duties or exercise any powers related to such position until he or she has been found qualified by the Commission to the standards, except for residency, of a casino key employee in accordance with the rules of the Commission.

(b) Each person subject to (a) above shall file a PHD-MJ as set forth in 13:69A-5.2 and a New Jersey supplemental form as set forth in 13:69A-5.2A with the Division prior to or immediately upon being elected or appointed to such position, except that persons required to qualify by virtue of the following positions may alternatively file a PHD-1 as set forth in 13:69A-5.3:

1. An outside director of a holding company;

2. A trustee pursuant to N.J.S.A. 5:12-95.1 2;

3. A trustee required to be qualified; and

4. A beneficiary of a trust required to be qualified.

(c) The Commission may, upon the written petition of a casino licensee filed with the Division, permit a person otherwise subject to (a) above to perform any duties or exercise any powers relating to his or her position pending qualification, provided that:

1. Such person files a personal history disclosure form 3 (PHD-3), as set forth in 13:69A-5.5;

2. At least 30 days have elapsed from the date on which the PHD-3 was filed; and

3. Such person files a PHD-MJ or PHD-1 in accordance with (b) above, within 15 days of the date on which the Commission's permission is granted.

(d) Notwithstanding the provisions of (a) above, any person permitted to perform duties or exercise powers pursuant to (c) above shall:

1. Be immediately removed from his or her position if at any time the Division provides information which the Commission determines to indicate reasonable cause to believe that such person may not be qualified; and

2. Only be permitted to perform duties or exercise powers without having been qualified for a maximum period of nine months from the date on which permission to assume duties was first granted unless the Commission determines, upon a showing of good cause by the casino licensee, to extend the nine-month period. Such request shall be by written petition filed with the Division at its address set forth in 13:69-3.5(a), with a copy to the Commission at its address set forth in 13:69-3.5(a).

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