(a) After a private investment company has registered pursuant to this subpart, and while the private investment company or any of its affiliated, intermediary, or subsidiary companies holds a casino license, the private investment company shall:

1. (1) Report promptly to the Arkansas Racing Commission, in writing, any change in its key executives or employees who are actively and directly engaged in the administration or supervision of the gaming activities of the private investment company or any of its affiliated, intermediary, or subsidiary companies;
2. (2) Within forty-five (45) days after the close of the quarter to which they relate, furnish to the commission a quarterly profit and loss statement and a balance sheet of the private investment company;

3. (3)

   1. (A) Each year furnish to the commission a profit and loss statement and a balance sheet of the private investment company as of the end of the year, certified by independent certified public accountants, and, upon request of the commission therefor, a copy of the private investment company’s federal income tax return within thirty (30) days after the return is filed with the Internal Revenue Service.
   2. (B) All profit and loss statements and balance sheets must be submitted within one hundred twenty (120) days after the close of the fiscal year to which they relate;
4. (4) Report promptly to the commission, in writing, any changes that would result in the private investment company no longer having one (1) or more of the characteristics of a private investment company as described in this part, unless such characteristic has been waived or modified by the commission; and

5. (5)

   1. (A) Establish and maintain a gaming compliance program for the purpose of, at a minimum, performing due diligence, determining the suitability of relationships with other persons, and to review and ensure compliance by the private investment company, its subsidiaries, and any affiliated companies with the act, as amended, this part, as amended, and the laws and regulations of any other jurisdictions in which the private investment company, its subsidiaries, and any affiliated entities operate.
   2. (B) The gaming compliance program, any amendments thereto, and the members of the compliance committee, at least one (1) such member who shall be independent and knowledgeable of the act and the part, shall be administratively reviewed and approved by the commission or the commission’s designee.
   3. (C) The private investment company shall amend the gaming compliance program, or any element thereof, and perform such duties as may be assigned by the commission or the commission’s designee, related to a review of activities relevant to the continuing qualification of the private investment company, its subsidiaries, and any affiliated companies under the provisions of the act and this part.