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147.   Required Rules

Revised Laws of Saint Lucia (2021)

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147.   Required Rules

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    (1)   The rules of an applicant for a self regulatory organisation licence shall contain provisions—

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      (a)     for the protection of investors and the public interest;

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      (b)     relating to the discipline of a member or employee of a member who contravenes its rules or this Act or regulations made under this Act and, without limiting the general effect of the foregoing, may provide for censure, fine, suspension, expulsion, limitation of activities, functions or operations, suspension of or exclusion from employment;

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      (c)     specifying the procedure for disciplinary proceedings; and

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      (d)     for such other matters as may be prescribed.

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    (2)   The rules of an applicant for licensing as a self-regulatory organisation shall contain provisions designed to prevent deceptive and manipulative acts and practices and to promote fair trading practices and to facilitate an efficient market.

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    (3)   The rules of an applicant for licensing a clearing agency as a self regulatory organisation shall contain provisions designed—

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      (a)     to develop and operate a prompt and accurate clearance and settlement system; and

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      (b)     to safeguard money and securities in its custody or under its control or for which it is responsible.

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    (4)   The rules of an applicant—

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      (a)     shall not permit unfair discrimination among persons who use its facilities;

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      (b)     shall not restrain competition to an extent not necessary to achieve the objectives specified in subsections (1), (2) and (3).

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