(1) Subject to the provisions of this Part, a person shall not carry on business in Saint Lucia dealing in securities, or hold himself or herself out as carrying on that business, unless the person is a licensed broker dealer.
(2) A broker dealer shall not operate other than in accordance with its licence.
(3) A person is regarded as carrying on business dealing in securities if that person (whether acting as principal or agent) by way of business—
(a) makes or offers to make an agreement with another person to enter into or offer to enter into an agreement, for or with a view to acquiring, disposing of, subscribing for or underwriting securities or in anyway effects or causes to effect a securities transaction; or
(b) manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person.
(4) A person is not regarded as carrying on business dealing in securities, or as holding himself or herself out as carrying on that business, if the person—
(a) carries out functions as a clearing agency;
(b) deals in securities as principal only through a broker dealer or its representative or a limited service broker;
(c) is an investment adviser and, in a manner consistent with a licence granted to that person, manages a portfolio of securities for another person—
(i) without holding property of the other person, and
(ii) on terms which preclude that person from doing so; or
(d) gives advice on securities as an incident to the person's practice as a lawyer or professional accountant.
(5) For the purpose of subsections (3) and (4), and subsection (3) of section 53, “hold” in relation to property includes the control of its disposal but does not include the mere receipt and dispatch or delivery of a cheque or other order made payable to another person.