(1) The Minister may refuse to grant a public mutual fund manager licence authorising a person to carry on business as a manager in a name that is—
(a) identical with that of any company, firm, business or other entity, or which so nearly resembles the name of such company, firm, business or entity as to be likely to deceive;
(b) likely to falsely suggest the patronage of or connection with some person or authority, whether in Saint Lucia or in another jurisdiction; or
(c) likely to falsely suggest that the manager has a special status in relation to or derived from the Government or the Crown.
(2) If, subsequent to granting an international public mutual fund manager licence the Minister finds that the manager is authorised to carry on business as a manager in or from Saint Lucia in a name which in the Minister's opinion the Minister would have refused by virtue of subsection (1), the Minister may direct the manager to change that name to a name approved by the Minister.
(3) A manager who fails to comply with a direction given pursuant to subsection (2) commits an offence and is liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 months or to both.