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Revised Laws of Saint Lucia
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SECURITIES ACT
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3. Agreement to have the force of law
Revised Laws of Saint Lucia (2021)
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3. Agreement to have the force of law
The Agreement has the force of law in Saint Lucia.
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3. Agreement to have the force of law
1. Short Title
2. Interpretation
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
Schedule
75. Accounts to be kept by broker dealers and limited service brokers
142. Takeover Offers
153J. Transfer and ownership of foreign securities