(1) A licensee shall maintain adequate capital in such form and based on such formula as the Minister may by Order prescribe.
(2) A licensee shall make a statutory deposit of a portion of the prescribed capital referred to in subsection (1) with the Authority to be held in trust in an interest bearing account with a bank or other financial institution approved by the Authority for the benefit of holders of outstanding payment instruments, in the event that the licensee becomes bankrupt or for any other reason, is unable to meet its contractual obligations to its customers.
(3) The Authority shall create a trust referred to in subsection (2) by trust deed.
(4) The Authority shall retain the deposit for a period of at least 6 months after the licensee ceases money services business in Saint Lucia subject to any court order made in respect of the deposit.
(5) Where there is a deficiency in the prescribed capital, the Authority shall require the licensee to present a plan that is satisfactory to the Authority to reconstitute the capital of the licensee within 30 days or such longer period as may be determined by the Authority.
(6) Where the licensee—
(a) fails to present a satisfactory plan pursuant to subsection (5); or
(b) fails to implement a plan presented pursuant to subsection (5),
the Authority shall take such remedial action as the Authority considers necessary in accordance with section 38.
(Substituted by Act 1 of 2016)
(7) The requirements of this section does not apply to a licensee of a Class C or Class D licence.