(1) Except as provided in subsections (2), (3) and (5), no licensee may be involved in foreign gaming without the prior approval of the commission, acting upon a recommendation of the executive director. Any approval granted under this section is a privilege which may be revoked, suspended, conditioned, limited or restricted by the commission at any time.

(2) The commission may, based on such factors as it deems relevant, grant preliminary approval to a licensee for involvement in foreign gaming. Any preliminary approval granted pursuant to this subsection may be revoked, suspended, conditioned, limited or restricted by the commission at any time.

(3) Approval of the commission is not required if:

(a) The licensee does not own more than five percent (5%) beneficial interest in any class of securities of a corporation incorporated under the laws of any state of the United States which is a publicly traded corporation as defined in Section 75-76-199; and

(b) The licensee is not able to significantly control or influence the corporation.

(4) If it finds that approval is necessary to effectuate the purposes of this chapter, the commission may, by giving notice of its decision to the licensee, require that a licensee who is otherwise exempt under subsection (3) obtain approval as required by subsection (1).

(5) The commission may waive, either selectively or by general regulation, one or more of the requirements of Sections 75-76-269 through 75-76-277, inclusive, if it makes a written finding that the waiver is consistent with the public policy of this state concerning gaming.