(1) This Part shall not apply to—
(a) securities which are offered by the Eastern Caribbean Central Bank;
(b) an offer of securities that are made or guaranteed by a participating Government; and
(c) an offer of securities determined by the Commission to be a private placement.
(2) For the purposes of this Part, a person offers securities if that person invites another to enter into an agreement for or with a view to subscribing for or otherwise acquiring or underwriting any securities, or that person invites another person to make such an offer.
(3) Subject to the provisions of this Part, no person shall make a public offer of securities unless the issuer or offeror of the securities has submitted for approval to the Commission a prospectus which complies with this Act, and the Commission has approved the prospectus.
(4) The Commission is not liable to any action in damages suffered as a result of any prospectus approved by the Commission.
(5) A prospectus approved by the Commission shall be valid only for a period of up to 12 months from the date of such approval.
(6) The Minister may, on the recommendation of the Commission, exempt issuers or offerors from the prospectus requirement in particular cases or class of cases.
(7) The Minister may, on the recommendation of the Commission, make regulations allowing a draft prospectus to be published in advance of its approval by the Commission.
(8) A person who contravenes subsection (3) commits an offence and is liable on summary conviction—
(a) in the case of an individual, to a fine of $200,000 or to imprisonment for 3 years or to both;
(b) in the case of a company, to a fine of $400,000, 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.