Revised Laws of Saint Lucia (2021)

107.   Restrictions on promotion

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    (1)   A person shall not—

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      (a)     issue or cause to be issued any advertisement inviting persons to become or to offer to become participants in a collective investment scheme, or containing information calculated to lead directly or indirectly to persons becoming or offering to become, participants in a scheme; or

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      (b)     advise or procure any person to become or to offer to become a participant in a scheme,

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    unless the collective investment scheme is authorised by the Commission under this Act and in accordance with regulations made under this Act.

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    (2)   A person who contravenes subsection (1) commits an offence and is liable on summary conviction—

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      (a)     in the case an individual, to a fine of $100,000 or to imprisonment of 2 years or to both;

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      (b)     in the case of company, to a fine of $200,000, and

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    if the offence is a continuing offence, the individual or company is liable to a further fine not exceeding $1,000 for every day that the offence continues after the conviction.