From KUAM News:

With the growing popularity of mixed martial arts, Senator Jim Espaldon has introduced Bill 313 which would revamp the Guam Boxing and Wrestling Commission and establish new statutes and rules and regulations to incorporate the sport of MMA, as well as update provisions related to boxing and wrestling.

The legislation would create a five-member Guam Athletic Commission within the Department of Revenue and Taxation. All members would be appointed by the Governor with confirmation by the Legislature.
The new commission would be responsible for licensing of local MMA events, for example any applicant would have to file a bond in the amount of no less than 10-thousand dollars before a license can be issued.
As well the legislation would create a Medical Advisory Board that would be tasked with creating standards for the physical and mental examination of MMA contestants.

To view the legislation in its entirety log on to guamlegislature.com