Ask Reggi Your Question Now
Can you summarize 25 CFR Part 542?
HUMAN SERVICES > MINIMUM INTERNAL CONTROL STANDARDS
Short Summary
The provided legal document content outlines the Minimum Internal Control Standards (MICS) for Indian gaming operations. These standards aim to ensure the integrity and fairness of gaming operations on Indian land. The MICS apply to all sections of the Code of Federal Regulations related to the National Indian Gaming Commission, Department of the Interior, Human Services, and Minimum Internal Control Standards. The document provides definitions for various terms used in the MICS and covers aspects such as financial transactions, gaming machines, table games, surveillance, accounting, and more. The MICS are categorized into Tier A, Tier B, and Tier C, based on the annual gross gaming revenues of the operations. Each Tribal gaming regulatory authority is required to establish and implement tribal internal control standards that equal or exceed the MICS. Existing gaming operations must comply with the MICS within the specified time requirements, while new gaming operations must comply before commencing operations. The document also outlines procedures for CPA testing and reporting, enforcement of the MICS by the Tribal gaming regulatory authority, and the process for applying for a variance from the MICS. Exemptions are provided for small gaming operations and charitable gaming operations under certain conditions. The document emphasizes the importance of maintaining proper control, accountability, and transparency in gaming operations to protect the interests of players and ensure the integrity of the gaming industry. Specific penalties for non-compliance are not mentioned in the document.
Whom does it apply to?
Indian gaming operations categorized into Tier A, Tier B, and Tier C
What does it govern?
Minimum Internal Control Standards (MICS) for Indian gaming operations
What are exemptions?
Small gaming operations and charitable gaming operations may be exempt under certain conditions
What are the Penalties?
Penalties for non-compliance are not specified in the document
Jurisdiction
U.S. Federal Government