Revised Laws of Saint Lucia (2021)

24.   Application for and grant of international public mutual fund manager

1.  

   (1)   Subject to subsection (2), in order to provide international mutual fund management services from within Saint Lucia, a person who is an international business company incorporated for that purpose shall apply to the Minister for an international public mutual fund manager licence.

1.  

   (2)   An application pursuant to subsection (1) shall be in the prescribed form and shall be accompanied by such information that the Minister requires in order to determine the application and the prescribed application fee.

1.  

   (3)   Subject to subsection (5), grant an international public mutual fund manager licence if satisfied—

   1.  

      (a)     that the person making the application has sufficient knowledge, expertise and resources to manage an international public mutual fund and will manage an international public mutual fund in the best interests of its investors according to any law applicable to the international public mutual fund;

   1.  

      (b)     is a fit and proper person to be engaged in the business proposed;

   1.  

      (c)     subject to subsections (4), that person has—

      1.  

         (i)     in the case where the person also applies has been granted an international public mutual fund administrator licence, a fully paid up equity capital of at least $US250,000 or the equivalent in another currency or such other amount as may be determined by the Minister,

      1.  

         (ii)     in any other case, a fully paid up equity capital of at least US$100,000 or the equivalent in another currency or such other amount as may be determined by the Minister; and

   1.  

      (d)     that person is an international business company acting in compliance with the International Business Companies Act.

1.  

   (4)   The Minister may waive compliance with subsection (3)(c) if the Minister is otherwise satisfied as to the financial viability of the person making the application.

1.  

   (5)   An international public mutual fund manager licence shall be—

   1.  

      (a)     issued on payment of the prescribed licence fee;

   1.  

      (b)     in the form prescribed; and

   1.  

      (c)     subject to such conditions as the Minister considers appropriate including the condition that the Minister shall be informed of any material changes to the information supplied on application for the grant of the international public mutual fund manager licence.

1.  

   (6)   A manager shall not change its registered office and its registered agent without first giving the Director notice of its intention to do so.

1.  

   (7)   A manager who contravenes subsection (6) commits an offence and is liable on conviction to a fine of $20,000 or to imprisonment for a term not exceeding 3 months or to both.

1.  

   (8)   A manager shall when carrying on or attempting to carry on business comply with any conditions contained in this Act, the Regulations and its international public mutual fund manager licence.

1.  

   (9)   A manager who contravenes subsection (8) 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.

1.  

   (10)   A person shall not in connection with an application for an international public mutual fund manager licence supply to the Minister information which that person knows or should reasonably know is false or misleading.

1.  

   (11)   A person who contravenes subsection (10) 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.