Revised Laws of Saint Lucia (2023)

• 1.   Short Title

• 2.   Interpretation

• 3.   Agreement to have the force of law

• 4.   Amendment to agreement

• 5.   Eastern caribbean securities regulatory commission

• 6.   Funding of commission

• 7.   Restriction on establishment of securities exchanges

• 8.   Eastern carribean securities exchange limited

• 9.   Application for securities exchange licence

• 10.   Grant of securities exchange licence

• 11.   Suspension and revocation of securities exchange licence

• 12.   Duties of holder of securities exchange licence

• 13.   Rules of securities exchange

• 14.   Amendment to rules of securities exchange

• 15.   Fixing of trading and position limits

• 16.   Power of commission to issue directions to securities exchange

• 17.   Power of commission to require amendment to rules

• 18.   Securities exchange to assist commission

• 19.   Disciplinary action over members of a securities exchange

• 20.   Closure of securities exchange in emergency

• 21.   Restriction on use of titles relating to exchanges, markets, etc.

• 22.   Interpretation

• 23.   Licensing of clearing agencies

• 24.   Application for clearing agency licence

• 25.   Grant of clearing agency licence

• 26.   Rules of clearing agency

• 27.   Approval of amendments to rules of clearing agency

• 28.   Alteration of facts disclosed in application

• 29.   General conditions

• 30.   Revocation and suspension of licence

• 31.   Power of commission to issue directions

• 32.   Duty to assist commission

• 33.   Proceedings of clearing agency take precedence over laws of insolvency

• 34.   Duty to report on completion of default proceedings

• 35.   Net sum payable on completion of default proceedings

• 36.   Enforcement of judgements over property subject to market charge

• 37.   Participant to be party to certain transactions as principal

• 38.   Securities deposited with clearing agency

• 39.   Preservation of rights

• 40.   Securities registries

• 41.   Application for securities registry licence

• 42.   Grant of securities registry licence

• 43.   Application of sections 28 to 32 to securities registries

• 44.   Eastern carribean central securities registry limited

• 45.   Eastern carribean central securities depository limited

• 46.   Licensing requirement

• 47.   Broker dealers

• 48.   Grant of broker dealer licence

• 49.   Application for broker dealer licence

• 50.   Limited service brokers

• 51.   Grant of limited service broker licence

• 52.   Application for limited service broker licence

• 53.   Investment advisers

• 54.   Grant of investment adviser licence

• 55.   Application for investment adviser licence

• 56.   Custodians

• 57.   Grant of custodian licence

• 58.   Application for custodian licence

• 59.   Non-application of sections 56 to 58

• 60.   Grant of principal licence

• 61.   Application for principal licence

• 62.   Grant of representative licence

• 63.   Application for representative licence

• 64.   Accreditation of representatives

• 65.   Power of commission to impose conditions

• 66.   Revocation and suspension of licences

• 67.   Power of commission to issue directions to licensees

• 68.   Register of licensees

• 69.   Notification of change in register particulars

• 70.   Offences under this part

• 71.   Standards of conduct

• 72.   Business conduct regulations

• 73.   Issue of contract notes

• 74.   Short selling

• 76.   Financial resources regulations

• 77.   Failure to comply with financial resources regulations

• 78.   Monitoring compliance with financial resources regulations

• 79.   Customers' property

• 80.   Insurance requirement

• 81.   Auditor to be appointed

• 82.   Audited accounts to be filed with commission

• 83.   Auditor to report to commission in certain cases

• 84.   Power of commission to appoint auditor

• 85.   Application of this part

• 86.   Register of securities

• 87.   Notice of particulars to commission

• 88.   Production of register

• 89.   Particulars of financial journalists

• 90.   Extract of register

• 91.   Interest in securities

• 92.   Offers of securities

• 93.   Publication of prospectus

• 94.   Contents of prospectus

• 95.   Compensation for false or misleading prospectus

• 96.   Continuing disclosure obligations of issuers

• 97.   Registration statement

• 98.   Annual reports

• 99.   Interpretation

• 100.   Custodian and management company of collective investment scheme

• 101.   Custodian of collective investment scheme

• 102.   Grant of custodian of collective investment scheme licence

• 103.   Application for custodian of collective investment scheme licence

• 104.   Managing property of a collective investment scheme

• 105.   Grant of management company of a collective investment scheme licence

• 106.   Application for management company of a collective investment scheme licence

• 107.   Restrictions on promotion

• 108.   Authorisation of schemes by commission

• 109.   Regulation of collective investment schemes

• 110.   Revocation of authorisation

• 111.   Winding up

• 112.   Insiders

• 113.   Inside information

• 114.   Information “made public”

• 115.   Offence of insider dealing

• 116.   False trading

• 117.   Price rigging

• 118.   Market manipulation

• 119.   Use of deceptive statements as inducements

• 120.   Fraudulent transactions

• 121.   False or misleading statement inducing securities transactions

• 122.   Penalties for offences under sections 116 to 121

• 123.   Liability to pay damages

• 124.   Interpretation

• 125.   Notification of interests of directors and substantial shareholders

• 126.   Change in director's interest in securities

• 127.   Obligation to notify acquisition or change in substantial shareholding

• 128.   Extension to spouses and children

• 129.   Register of interests of directors and substantial shareholders

• 130.   Notification to securities exchange and commission

• 131.   Offences

• 132.   Power of commission to call for information

• 133.   Right to exchange information

• 134.   Information relating to transactions

• 135.   Power of commission to inspect

• 136.   Power of commission to investigate

• 136A.   Instituting disciplinary proceedings

• 137.   Power of Commission to Require Production of Records and Documents Concerning Listed Companies

• 138.   Remedy in cases of unfair prejudice by listed companies

• 139.   Destruction of documents

• 140.   Establishment of disciplinary committee

• 140A.   Jurisdiction of Disciplinary Committee

• 141.   Disciplinary Offences

• 143.   When Companies Deemed to be Related

• 144.   Conduct of Takeovers

• 145.   Licensing Requirement

• 146.   Grant of Self Regulatory Organisation Licence

• 147.   Required Rules

• 148.   Application of Other Sections to This Part

• 149.   Appointment of Auditor

• 150.   Keeping and Inspection of Records

• 151.   Sanctions

• 152.   Disputes between Member Companies

• 153.   Transfer of Uncertificated Securities

• 153A.   Listing and trading foreign securities

• 153B.   Application of other Parts

• 153C.   Interpretation

• 153D.   Approval of the Commission required

• 153E.   Public offer

• 153F.   Registration with the Commission

• 153G.   Insider dealing and other market abuses

• 153H.   Disclosure of shareholding of directors and substantial shareholders

• 153I.   Application of Part 12

• 153K.   Custodians and share registries for foreign securities

• 153L.   Simplified listing and membership procedures in certain cases

• 154.   Immunity

• 155.   Offences and penalties

• 156.   Orders of the high court

• 157.   Civil action

• 157A.   Right of appeal

• 158.   Winding up orders

• 159.   Receiving orders

• 160.   Regulations

• 161.   Rules

• 162.   Forms

• 163.   Guidance notes

• 164.   International identification numbers

• 75.   Accounts to be kept by broker dealers and limited service brokers

• 142.   Takeover Offers

• 153J.   Transfer and ownership of foreign securities

• Schedule