(1) A person shall not establish or operate a securities exchange in Saint Lucia except under and in accordance with a securities exchange licence granted by the Commission under this Act.
(2) A person shall not assist any other person in the operation of a securities exchange unless that other person is the holder of a securities exchange licence granted by the Commission under this Act.
(3) A person who contravenes subsection (1) or (2) commits an offence and is liable on summary conviction—
(a) in the case of an individual, to a fine of $100,000 or to imprisonment for 2 years or to both;
(b) in the case of a company, to a fine of $200,000; and if the offence is a continuing offence, the individual or company is liable to a further fine not exceeding $1,000 for every day that the offence continues after conviction.
(4) A person convicted of an offence under this section, following an assessment by the Commission, is liable to pay to the Commission, any monies received or the monetary equivalent of any assets obtained as a result of carrying on securities business without a licence.