(1) Subject to subsections (2) and (3) no information shall be disclosed relating to—
(a) any application made to the Minister for an international public mutual fund licence or an international public mutual fund administrator licence or international public mutual fund manager licence pursuant to this Act;
(b) any application made to the Director for registration of an international private mutual fund;
(c) the affairs of an international public mutual fund licensee or an administrator or manager; or;
(d) the affairs of an international private mutual fund,
that the Minister, Director or a person acting under the authority of the Minister or Director has acquired in the course of their duties under this Act.
(2) Subsection (1) does not apply to a disclosure by the Minister or Director—
(a) necessary for the effective regulation of an international public mutual fund licensee, international private mutual fund or an administrator or manager;
(b) when lawfully required or permitted to do so by a court of competent jurisdiction in Saint Lucia;
(c) permitted under this Act;
(d) permitted under any other law in force in Saint Lucia; or
(e) in respect of the affairs of an international public mutual fund licensee, an international private mutual fund or an administrator or manager with the authority of the international public mutual fund licensee, the international private mutual fund or the administrator or manager which has been voluntarily given.
(3) Subject to subsection (4), the Minister or Director may disclose to another regulatory authority outside Saint Lucia, information concerning the affairs of an international public mutual fund licensee, an international private mutual fund or an administrator or manager where—
(a) the other regulatory authority permits reciprocal disclosure;
(b) the disclosure pertains to actions of the international public mutual fund licensee, the international private mutual fund or the administrator or manager in violation of any law with respect to the failure of an international public mutual fund licensee, an international private mutual fund or an administrator or manager to comply with generally accepted principles relating to mutual funds.
(4) Nothing in subsection (3) authorises the Minister or Director to make a disclosure referred to in that subsection unless the Minister or Director is satisfied that the intended recipient regulatory authority is subject to adequate legal restrictions on further disclosures which may include the provision of an under-taking of confidentiality.