Revised Laws of Saint Lucia (2021)

51.   Power of Minister over international public mutual fund licensee

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   (1)   Where the Minister is of the opinion that an international public mutual fund licensee—

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      (a)     is or appears likely to become unable to meet its obligations as they fall due;

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      (b)     is carrying on business in a manner detrimental to its investors;

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      (c)     is winding up its business voluntarily or in a manner that is prejudicial to its investors or creditors;

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      (d)     has contravened this Act or the Regulations;

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      (e)     has failed to comply with a condition of its international public mutual fund licence;

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      (f)     is declared bankrupt;

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      (g)     has been convicted of an offence pursuant to this Act or of a criminal offence in any country or jurisdiction; or

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      (h)     has knowingly or willfully supplied false, misleading or inaccurate information or failed to disclose information required for the purpose of this Act or the Regulations,

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   the Minister may do any of the things listed in subsection (2).

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   (2)   The things referred to in subsection (1) which the Minister may do are as follows—

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      (a)     impose conditions, or further conditions, on the international public mutual fund licensee and may amend or revoke any such condition;

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      (b)     revoke the international public mutual fund licence held by the international public mutual fund licensee;

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      (c)     require the substitution of any director, general partner, trustee or manager of the international public mutual fund licensee;

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      (d)     at the expense of the international public mutual fund licensee appoint a person to advise the international public mutual fund licensee on the proper conduct of its affairs and to report to the Minister within 3 months of the date of that person's appointment;

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      (e)     at the expense of the international public mutual fund licensee appoint a person to assume control of the affairs of international public mutual fund licensee who shall with the necessary changes have all the powers of a person appointed as a receiver or manager of an international business company under the International Business Companies Act; or

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      (f)     require such action to be taken by the international public mutual fund licensee as the Minister considers necessary.

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   (3)   An international public mutual fund licensee may within 7 days of a decision made pursuant to subsections (1) and (2) apply to the Minister for a reconsideration of the Minister's decision.

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   (4)   A person appointed pursuant to paragraph (d) or (e) of subsection (2) or whose appointment has been extended pursuant to subsection (5), shall from time to time at that person's discretion and in any case within 3 months of the date of that person's appointment or of the extension of that person's appointment, prepare and furnish a report to the Minister of the affairs of the international public mutual fund licensee and of that person's recommendations.

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   (5)   On receipt of a report pursuant to subsection (4), the Minister may—

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      (a)     revoke the appointment of the person appointed under paragraphs (d) or (e) of subsection (2);

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      (b)     extend the period of the person's appointment;

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      (c)     subject to such conditions as the Minister may impose, allow the international public mutual fund licensee to reorganize its affairs or the affairs of its public mutual funds in a manner approved by the Minister; or

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      (d)     revoke the international public mutual fund licence held by the international public mutual fund licensee and apply to the Court for an order that the international public mutual fund licensee be wound up by that Court.

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   (6)   Notwithstanding any provisions in this Act the Minister may revoke an international public mutual fund licence if an international public mutual fund licensee—

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      (a)     has ceased to carry on international public mutual fund business; or

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      (b)     goes into liquidation or is wound up or otherwise dissolved.

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   (7)   Where the Minister revokes an international public mutual fund licence pursuant to this section the Minister shall cause notice of the revocation to be published in the Gazette and may cause the notice to be published, whether within Saint Lucia or in another jurisdiction in such newspaper or other publication as the Minister may consider necessary in the circumstances.

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   (8)   In any case in which an international public mutual fund licensee is being wound-up voluntarily the Minister may apply to the Court if the Minister considers that the winding-up is not being conducted in the best interests of the investors or other creditors and the Court shall make such order as it considers appropriate.