Revised Laws of Saint Lucia (2021)

6.   Application for and grant of international public mutual fund licence

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   (1)   Subject to subsection (2), in order to carry on international public mutual fund business from within Saint Lucia an eligible company, an international partnership or international trust shall apply to the Minister for the grant of an international public mutual fund licence.

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   (2)   An application pursuant to subsection (1) shall be made by an administrator, a registered agent or a registered trustee on behalf of the person requiring the international public mutual fund licence and be submitted to the Director in the prescribed form accompanied by—

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      (a)     the current offering document or, if one has not been finally settled, the latest draft of the offering document together with a synopsis of that document;

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      (b)     details necessary to satisfy the Minister that the international public mutual fund business complies or will be complying with this Act, the Regulations or the conditions and terms specified in the international public mutual fund licence;

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      (c)     the prescribed application fee; and

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      (d)     any such documents or additional information as the Minister may reasonably require for the purpose of determining the application.

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   (3)   A person shall not, in connection with an application for an international public mutual fund licence supply to the Minister information that the person knows or should reasonably know is false or misleading.

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   (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.

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   (5)   Subject to subsection (7) and section 7, the Minister may grant an international public mutual fund licence if the administrator or a registered agent or a registered trustee making the application pursuant to this section satisfies the Minister that—

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      (a)     each promoter of the international public mutual fund is of sound reputation;

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      (b)     the administration of the international public mutual fund will be undertaken by persons who have sufficient expertise to administer the international public mutual fund;

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      (c)     an administrator is providing international public mutual fund administration services to the international public mutual fund in Saint Lucia;

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      (d)     a manager is providing international public mutual fund management services to the international public mutual fund in Saint Lucia;

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      (e)     the international public mutual fund business and any offer of equity interests in the international public mutual fund will be carried out in accordance with this Act;

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      (f)     a current offering document in respect of the international public mutual fund that complies with section 8 has been filed with the Director.

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   (6)   Nothing in this section is to be taken as prohibiting the Minister from granting an international public mutual fund licence to take effect on the incorporation of an international business company, the formation of an international partnership or on the registration of an international trust.

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   (7)   An international public mutual fund licence shall be issued—

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      (a)     on payment of the prescribed licence fee by the applicant;

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      (b)     in the prescribed form; and

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      (c)     subject to any conditions as the Minister considers appropriate including the condition that the Minister shall be informed of any material changes to the information supplied to the Minister on application for the grant of the international public mutual fund licence.

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   (8)   On the written application of an international public mutual fund licensee the Minister may waive, vary or revoke any condition contained in the international public mutual fund licence.