(1) Where a public offer of securities is to be made in Saint Lucia the offeror shall publish a prospectus by making it available to the public, free of charge, at an address in Saint Lucia, from the time the securities are first offered until the end of the period during which the offer remains open.
(2) The offeror shall, not less than 30 days before the proposed date of publication of the prospectus, submit a copy to the Commission for approval.
(3) A person shall not publish a prospectus until it has been approved by the Commission.
(4) A person shall not issue an advertisement (other than a prospectus) announcing a public offer of securities for which a prospectus is required under this Part unless a prospectus has been published and the advertisement gives an address in Saint Lucia from which it can be obtained.
(5) A person who contravenes subsection (3) or (4) 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 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.