(1) A licensee shall maintain its principal place of business within Saint Lucia and at the principal place of business shall maintain, in respect of its business of international financial services representation—
(a) books or records of account as accurately reflect the business of international financial services representation of the licensee and such information as may be required by the regulations;
(b) separate accounts in the books or records under subparagraph (a) in respect of each company the licensee represents or for which the licensee acts as registered office, and in respect of each trust for which the licensee acts as trustee; and
(c) separate bank accounts for each company or trust, into which shall be deposited all monies and other financial assets held on behalf of each company which the licensee represents and of each trust for which it serves as trustee.
(2) A licensee shall ensure that all monies and other financial assets held in accordance with subsection 1(c) are fully segregated from the licensee's own funds and that each bank account is clearly designated as a client's trust account.
(3) A licensee shall obtain written confirmation from each bank with whom an account referred to in subsection (1)(c) is held that such money and other financial assets are being held in trust and that there is no right of set off between any account so designated and any other account.
(4) A licensee shall ensure that all assets, other than financial assets referred to in subsection (2), held on behalf of another person or trust are fully segregated from the licensee's assets and that such assets are clearly designated as a client's assets.