(1) A securities exchange may list or trade foreign securities with the approval of the Commission in particular cases or classes of cases.
(2) The Commission may licence a foreign company as a broker dealer, limited service broker, or investment adviser in particular cases or classes of cases.
(3) A foreign broker dealer or limited service broker licensed by a foreign securities regulatory commission seeking to trade securities on a securities exchange licensed by the Commission may, upon registration with the Commission, become a Member of a licensed securities exchange provided that it —
(a) meets the securities exchange's requirements for membership as set out in its rules; and
(b) trades securities on its own account, or on behalf of foreign persons.
(4) The Commission may grant an exemption from the requirements of Part 4 of the Act to a foreign broker dealer or limited service broker who registers with the Commission under subsection (3).
(5) A foreign broker dealer or limited service broker who wishes to carry on business in Saint Lucia dealing in securities, or who holds himself or herself out as carrying on that business must be licensed by the Commission.
(6) Part 4 of the Securities Act shall apply to a foreign broker dealer or limited service broker carrying on the business of dealing in securities under subsection (5).
(7) A foreign broker dealer or limited service broker dealing in securities in Saint Lucia shall have an agent resident in Saint Lucia.
(8) A foreign investment adviser licensed by a foreign securities regulatory commission must be licensed by the Commission as an investment adviser under sections 54 and 55, but only if he or she conducts business or holds himself or herself out as conducting business in a member territory.
(9) A principal of a foreign broker dealer or limited service broker licensed by the Commission must be licensed by a foreign securities regulatory commission as a principal under sections 60 and 61, but only if he or she conducts business or holds himself or herself out as conducting business in a member territory.
(10) A representative of a foreign broker dealer or limited service broker licensed by a foreign securities regulatory commission must be licensed by the Commission as a representative under sections 62, 63 and 64, but only if he or she conducts business or holds himself or herself out as conducting business in a member territory.
(11) The term “conducting business, or holds himself or herself out as conducting business” as used in subsections 8,9 and 10 shall include but not be limited to —
(a) use of the telephone, telegraph, mails, Internet, e-mail or any other means to communicate with investors or potential investors located in a member territory, whether on a regular or sporadic basis;
(b) visiting investors in a member territory, whether singly or in groups, to communicate with them about an investment in securities, whether on a regular or sporadic basis; or
(c) registration as a principal or representative with a securities exchange in connection with a foreign broker dealer or limited service broker's membership in a securities exchange;
(d) engaging in any other activity or combination of activities described in—
(i) section 47, in the case of foreign broker dealers or limited service brokers, or
(ii) section 53, in the case of foreign investment advisers,
if any part of the activity or activities takes place in a member territory or is designed or intended to communicate with the persons present in a member territory.
(12) A person is subject to the requirements of subsections (8), (9) and (10), if he or she participates in any of the activities listed in subsection (11), even if he or she is not physically present in a member territory when he or she participates in the activity.