Revised Laws of Saint Lucia (2022)

2.   Interpretation

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   (1)   In this Act—

“affiliate” in relation to a licensee (“L”) means—

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   (a)     a company which is or has at any relevant time been—

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      (i)     a holding company or subsidiary of L,

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      (ii)     a subsidiary of a holding company of L, or

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      (iii)     a holding company of a holding company or a subsidiary of a subsidiary of L; or

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   (b)     any company or firm over which L has control;

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   (c)     any company or firm over which L and any person associated with L has control;

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   (d)     any company or firm which has common ownership with L;

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   (e)     any company or firm which has the same beneficial owner and share common management and interlinked businesses with L;

“applicant” means the person applying for a licence under section 6;

“Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;

“Central Bank” means the Eastern Caribbean Central Bank established under Article 3 of the Eastern Caribbean Central Bank Agreement 1983;

“clearing house” has the meaning given under the Payment System Act;

“Court” means the High Court of Justice established by the Supreme Court Order 1967;

“designated licensee” means a licensee who has been designated as a funds transfer system under the Payment System Act;

“financial year” means, in relation to a licensee, a period of not more than 12 months for which the audited financial statements of a licensee is prepared in accordance with this Act;

“funds transfer system” has the meaning given under the Payment System Act;

“lending” means moneylending or granting credit facilities in excess of $50,000 by a financial institution that does not solicit, receive, or accept monetary deposits, investment or other instruments from the public to finance a loan; (Inserted by Act 5 of 2021)

“licence” means a licence issued under section 6(4)(a)(i);

“licensee” means a person holding a licence under this Act;

“micro-lending” means money lending or granting of credit facilities of up to a limit of $50,000 by a financial institution, other than a bank, that does not solicit, receive or accept monetary deposit, investment or any other financial instruments from the public to finance these loans; (Inserted by Act 20 of 2014)

“Minister” means the Minister responsible for Finance;

“money services business” means—

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   (a)     the business of providing, as a primary business, any one or more of the following —

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      (i)     transmission of money or monetary value in any form,

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      (ii)     cheque cashing,

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      (iii)     currency exchange,

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      (iv)     the issuance, sale or redemption of money orders or traveller's cheques,

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      (v)     micro-lending,

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      (vi)     lending, or

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      (vii)     any other services the Minister may specify by notice published in the Gazette;

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   (b)     the business of operating as an agent or franchise holder of any of the businesses mentioned in paragraph (a);

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   (Substituted by Act 20 of 2014 and amended by Act 5 of 2021)

“net worth” means excess assets over liabilities as presented under international accounting standards subject to adjustment for non-admitted assets as determined by the Authority;

“person” includes a body Corporate or an unincorporated body;

“regulations” means regulations made under this Act;

“significant shareholder” means a person who, either alone or with an affiliate or related or connected person, is entitled to exercise, or control ten percent or more of the voting power at any general meeting of the licensee or another company of which the licensee is a subsidiary.