(1) The Director may refuse to register a private mutual fund as an international private mutual fund where the proposed name of the international private mutual fund—
(a) is identical with that of any company, partnership, business or other entity or which so nearly resembles the name of the company, partnership, business or entity as to be likely to deceive;
(b) is likely to falsely suggest the patronage of or connection with some person, or authority, whether in Saint Lucia or elsewhere; or
(c) is likely to falsely suggest that the international private mutual fund has a special status in relation to or derived from the Government or the Crown.
(2) If in the Director's opinion a person is carrying on or attempting to carry on international private mutual fund business from Saint Lucia using a name that the Director would have refused by virtue of subsection (1), the Director may direct—
(a) the registered agent or registered trustee of the international private mutual fund; and
(b) the person carrying on the international private mutual fund business,
to change the name of the international private mutual fund to a name approved by the Director.
(3) The registered agent or registered trustee of an international private mutual fund shall ensure compliance with a direction given to it in accordance with subsection (2).
(4) The registered agent or registered trustee of an international private mutual fund who contravenes subsection (3) commits an offence and is liable on conviction to a fine not exceeding $10,000.
(5) A person mentioned in subsection (2)(b) who contravenes a direction given pursuant to subsection (2) 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.