Revised Laws of Saint Lucia (2021)

42.   Revocation of licence of financial holding company

  1.  

    (1)   The Central Bank may revoke the licence of a licensed financial holding company where —

    1.  

      (a)     the licensed financial holding company persistently fails to comply with the requirements of this Act;

    1.  

      (b)     the licensed financial holding company fails to comply with the conditions of its licence;

    1.  

      ©     the licensed financial holding company ceases to meet the requirements for licensing as a financial holding company;

    1.  

      (d)     the Central Bank determines that a licence was granted based on false or inaccurate information;

    1.  

      ©     the Central Bank determines that a licensed financial holding company is or is likely to be insolvent;

    1.  

      (f)     the parent company of the licensed financial holding company loses its authorisation to conduct banking business in its home jurisdiction; or

    1.  

      (g)     proceedings for bankruptcy, insolvency, or an arrangement with creditors is initiated.

  1.  

    (2)   Where the Central Bank revokes the licence of a licensed financial holding company, it may —

    1.  

      (a)     order the divestiture of the licensed financial institution owned by the licensed financial holding company;

    1.  

      (b)     restrict transactions between the licensed financial institution and the licensed financial holding company and other members of the financial group; or

    1.  

      ©     place the licensed financial holding company under official administration or receivership.