(1) A person shall not carry on international mutual fund business from within Saint Lucia unless that person—
(a) is granted and holds a valid international public mutual fund licence and complies with the provisions of this Act, the Regulations and the terms and conditions of the international public mutual fund licence; or
(b) is registered as an international private mutual fund and complies with the provisions of this Act, the Regulations and the terms and conditions of the registration of the international private mutual fund.
(2) A person who contravenes subsection (1) commits an offence and on conviction is liable to a fine not exceeding $200,000 or to imprisonment for a term not exceeding 5 years or to both.