(1) In order for a person to carry on international mutual fund business as an international private mutual fund from within Saint Lucia, that person shall through its registered agent or registered trustee and in the prescribed form apply to the Director for registration of the private mutual fund as an international private mutual fund.
(2) An application made pursuant to subsection (1) shall be accompanied by the prescribed application fee together with any information the Director may require.
(3) A person shall not in connection with the registration of an international private mutual fund supply to the Director information that the person knows or should reasonably know is false or misleading.
(4) A person who contravenes subsection (3) 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.
(5) Upon receipt of an application for registration of an international private mutual fund the Director subject to section 5 and if satisfied that the applicant complies with the requirements of subsection (6), shall on payment by the applicant of the prescribed registration fee—
(a) register the mutual fund as an international private mutual fund in a register to be maintained by the Director; and
(b) issue a certificate of registration in the prescribed form-
(i) specifying that the international private mutual fund has been duly registered in accordance with this Act,
(ii) specifying any terms and conditions of the registration of the international private mutual fund as the Director sees fit including the condition that the Director shall be informed of any material changes to the information supplied to the Director on application for the registration of the international private mutual fund, and
(iii) specifying the date upon which it was so registered.
(6) The requirements referred to in subsection (5) are as follows—
(a) that the applicant satisfies the prescribed due diligence test; and
(b) that the applicant is of sound reputation.