Revised Laws of Saint Lucia (2021)

PART 4
PENALITIES

20.   Suspension

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   (1)   Where the Director is of the opinion that a licensee—

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      (a)     is carrying on the business of international financial services representation in a manner detrimental to the public interest, or the interest of its client companies or trusts or their respective shareholders or beneficiaries;

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      (b)     has ceased to carry on the business of international financial services representation;

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      (c)     is insolvent;

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      (d)     has ceased to comply with the requirements of section 25 of this Act; or

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      (e)     has contravened a provision of this Act or a requirement of or condition attached to the licence,

the Director shall decide whether the matter is to be regarded as a compliance issue or as grave and subsection (2) or (4) shall apply respectively.

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   (2)   Where a matter is regarded as a compliance issue under subsection (1) or subsection 4(d), the Director shall write to the licensee a letter of concerns copied to the Minister specifying—

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      (a)     the matters to be rectified and a time within which the rectification is to be effected; and

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      (b)     that the licensee is to reply to the Minister within a specified time addressing the concerns raised in the Director's letter and submitting the licensee's defence, position or acts of rectification.

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   (3)   A failure by the licensee to comply with subsection (2)(b) may result in a suspension under this section or a revocation under section 21.

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   (4)   A matter which is regarded as grave, under subsection (1), shall be brought to the attention of the Minister by the Director as an application for suspension of the licensee's licence and the Minister may—

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      (a)     revoke the licence if in accordance with section 21;

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      (b)     deny the application if the matter is deemed by the Minister as not to warrant further action;

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      (c)     approve the application and suspend the licence;

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      (d)     instruct the Director to treat the matter as a compliance issue under subsection (2) if in the opinion of the Minister it would be most appropriate to treat the matter as a compliance issue.

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   (5)   A suspension made under this section may be in relation to new business, existing business or any category of business of international financial services representation.

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   (6)   Where a licence is suspended under this section, the Director shall immediately provide written notice of suspension together with an explanation of the cause of the suspension, its effect, and the steps required for reinstating the licence to the licensee who shall be afforded the opportunity to raise objections within 14 days of receipt of the notice and the Minister shall consider any objections made.

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   (7)   A suspension of a licence made under this Act shall not exceed 30 days, unless the suspension is extended by an order of the Court on application of the Director by originating summons which shall specify—

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      (a)     the grounds upon which the suspension should continue;

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      (b)     the details of any objections made by the licensee; and

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      (c)     the period of further suspension requested;

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   (8)   A suspended licensee shall in consultation with the Director appoint another licensee to act on behalf of the clients of the suspended licensee but if the suspended licensee fails to appoint another licensee, the Director in consultation with the Minister may make such appointment as is necessary.

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   (9)   A suspension of a licence under this Act shall not in itself result in the deregistration of a trust or company for which the licensee was providing international financial services representation.

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   (10)   The Minister may revoke a suspension made under this Act at any time.