The council shall prescribe by rule:

(1) Minimum requirements by which each licensee must exercise effective control over its internal fiscal affairs, including, without limitation, requirements for:

Terms Used In Tennessee Code 4-49-110

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Cheating: means improving the chances of winning or of altering the outcome by deception, interference, or manipulation of a sporting event or of any equipment, including software pertaining to or used in relation to the equipment, used for or in connection with the sporting event on which wagers are placed or are invited, including attempts and conspiracy to cheat. See Tennessee Code 4-49-102
  • Council: means the sports wagering council. See Tennessee Code 4-49-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Licensee: means a person who holds a license issued under §. See Tennessee Code 4-49-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(A) Safeguarding assets and revenues, including evidence of indebtedness;
(B) Maintenance of reliable records relating to accounts, transactions, profits and losses, operations, and events; and
(C) Global risk management;
(2) Requirements for internal and independent audits of licensees;
(3) The manner in which periodic financial reports must be submitted to the council from each licensee, including the financial information to be included in the reports;
(4) The type of information deemed to be confidential financial or proprietary information that is not subject to any reporting requirements under this part;
(5) Policies, procedures, and processes designed to mitigate the risk of cheating and money laundering; and
(6) Any post-employment restrictions necessary to maintain the integrity of sports wagering in this state.
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