(1) The Commission may revoke a licence granted to an individual under this Part if that individual—
(a) is shown by certified medical evidence to be mentally or physically incapable of performing the activities to which the licence relates;
(b) is adjudged a bankrupt, in Saint Lucia or elsewhere;
(c) is convicted, whether in Saint Lucia or elsewhere, of fraud or any other offence involving dishonesty;
(d) is convicted of an offence under this Act or regulations made under this Act;
(e) contravenes or fails to comply with any condition applicable in respect of the licence;
(f) ceases to carry on the business for which that individual is licensed;
(g) is the holder of a representative licence and the licence of the licensee to whom that individual is accredited is revoked or suspended;
(h) fails to pay the annual licence fee as prescribed on or before the anniversary of the day of the grant of the licence; or
(i) by reason of any other circumstances, is no longer a fit and proper person to hold a licence.
(2) The Commission may revoke a licence granted to a company under this Part if—
(a) the company goes into liquidation or is ordered to be wound up;
(b) a receiver or manager of all or a substantial part of the property of the company is appointed;
(c) the company ceases to carry on the business for which it is licensed;
(d) it has reason to believe that the company, or any of its directors or employees, has not performed its or his or her duties honestly and fairly;
(e) the company contravenes or fails to comply with any condition applicable in respect of the licence;
(f) the company is in breach of this Act or any regulation made under this Act;
(g) where applicable, the company does not continue to employ at least one person who holds the appropriate representative licence granted under this Act;
(h) the company fails to pay its annual licence fee as prescribed on or before the anniversary of the day of the grant of its licence; or
(i) by reason of any other circumstances, the company is no longer a fit and proper person to hold a licence.
(3) The Commission may, if it thinks it necessary—
(a) as a matter of urgency for the protection of investors; or
(b) as a result of any investigation under this Act or regulations made under this Act,
suspend a licence granted under this Part for the period, or until the happening of an event, as the Commission considers appropriate.
(4) The Commission may revoke a licence at the request of the licensee.
(5) A person whose licence is revoked or suspended under this Act shall be notified accordingly by the Commission and shall, for the purpose of this Act, be deemed not to be licensed from the date of notification of revocation or suspension, as the case may be.
(6) The suspension or revocation of a licence under this Part does not operate so as to—
(a) avoid or affect any agreement, transaction or arrangement relating to a dealing in securities entered into by the person whose licence has been suspended or revoked, whether the agreement, transaction or arrangement was entered into before or after the suspension or revocation of the licence, except that the licensee shall not be allowed to retain any benefits charged or payable thereto; or
(b) affect any right, obligation, or liability arising under any such agreement, transaction or arrangement.