(1) An administrator shall ensure that it complies with this Act, the Regulations and any conditions contained in its international public mutual fund administrator licence.
(2) An administrator who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.
(3) Where an administrator becomes aware that a person or which the administrator is providing international public mutual fund administration services pursuant to subsection (1) is carrying on or attempting to carry on any international public mutual fund business from Saint Lucia in breach of this Act, the administrator shall immediately inform the Minister.
(4) An administrator who contravenes subsection (3) commits an offence and is liable on conviction to a fine of $100,000 or to imprisonment for 3 years or to both.