(1) A person shall not carry on business in Saint Lucia giving advice on securities, or hold himself or herself out as carrying on that business, unless he is a licensed investment adviser.
(2) An investment adviser shall not operate other than in accordance with his or her licence.
(3) A person is regarded as carrying on business giving advice on securities if he or she, by way of business—
(a) advises others concerning investment in securities;
(b) issues analyses or reports concerning specific securities; or
(c) manages a portfolio of securities for another person—
(i) without holding property of the other person, and
(ii) on terms that preclude him or her from doing so.
(4) A person is not regarded as carrying on business giving advice on securities if that person—
(a) is a broker dealer;
(b) is a financial institution licensed under the Banking Act;
(c) is a lawyer or a professional accountant who gives advice on securities as an incident to the practice of that person's profession;
(d) gives advice on securities only in a newspaper, magazine, journal or other periodical publication—
(i) which is generally available to the public, and
(ii) which does not have as its principal or only object the provision of advice, or the issue of analyses or reports, concerning securities.