Revised Laws of Saint Lucia (2021)

International Banks Regulations – Section 44

(Statutory Instruments 97/2000 and 34/2001)

Statutory Instrument 97/2000 .. in force 15 May 2000

Amended by S.I. 34/2001 .. in force 15 April 2000

ARRANGEMENT OF REGULATIONS

INTERNATIONAL BANKS REGULATIONS – SECTION 44

Commencement [15 April,2000]

1.   Citation

These Regulations may be cited as the International Banks Regulations.

2.   Interpretation

In these Regulations “Act” means the International Banks Act.

3.   Application for licence

An application for a licence under section 4 of the Act shall be in the form as prescribed in Form 1 of Schedule 1.

4.   Licence

1.  

   (1)   A Class “A” international banking licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 2A of Schedule 1.

1.  

   (2)   Class “B” international banking licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 2B of Schedule 1.

5.   Notice of Change

A notice of change of particulars under section 6 of the Act shall be in the form as prescribed in Form 3 of Schedule 1.

6.   Notice of Revocation

A notice of revocation under section 20 of the Act shall be in the form as prescribed in Form 4 of Schedule 1.

7.   Fees

1.  

   (1)   In this regulation—

“annual fees” means the annual fee under section 8(2) of the Act;

“prescribed fee” means the prescribed fee under section 8(1) of the Act.

1.  

   (2)   Subject to subregulation (3), the annual fee payable under section 8 of the Act shall be as prescribed in Schedule 2.

1.  

   (3)   Where a licence is granted between—

   1.  

      (a)     1 January and 31 March or on either of these dates, the prescribed fee payable on the grant of the licence shall be the full annual fee;

   1.  

      (b)     1 April and 30 June or on either of these dates, the prescribed fee payable on the grant of the licence shall be 75% of the annual fee;

   1.  

      (c)     1 July and 30 September or on either of these dates, the prescribed fee payable on the grant of the licence shall be 50% of the annual fee;

   1.  

      (d)     1 October and 31 December or on either of these dates, the prescribed fee payable on the grant of the licence shall be 25% of the annual fee.

   1.  

           (Substituted by S.I. 34/2001)

8.   Deposits and investment

1.  

   (1)   For the purposes of section 11 of the Act, an eligible company may deposit or invest the sum of US$100,000 by any of the following methods—

   1.  

      (a)     treasury bills issued by the Government of Saint Lucia;

   1.  

      (b)     bonds and debentures issued by the Government of Saint Lucia;

   1.  

      (c)     deposits with the Saint Lucia Development Bank;

   1.  

      (d)     deposits with a bank licensed under the Banking Act; or

   1.  

      (e)     deposits with a financial institution approved by the Minister.

1.  

   (2)   Any eligible company shall provide an undertaking in writing not to dispose of, pledge, hypothecate, release or otherwise encumber the deposit or investment made under section 11 of the Act without prior notification and approval by the Minister.

Schedule 1

PART 1
APPLICANT DETAILS

PART 2
ADDITIONAL INFORMATION

PART 3
APPLICANT MANAGEMENT

PART 4
DETAILS OF CORPORATE STRUCTURE OF WHICH APPLICANT FORMS PART

PART 5
APPLICANT ADMINISTRATION EXPERIENCE (WHERE APPLICABLE)

PART 6
REGULATORY RELATIONSHIPS

PART 7
STATUTORY DECLARATION – TO BE COMPLETED BY SHAREHOLDERS, DIRECTORS AND SENIOR MANAGEMENT PERSONNEL

Schedule 2

(Regulation 7)