Revised Laws of Saint Lucia (2023)

14.   Prospectus for issue or sale of a virtual asset

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   (1)   A licensee shall not participate in or provide financial services related to the issue or offer for sale of a virtual asset without —

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      (a)     submitting a prospectus to the Authority for review at least 30 days before the proposed date of its publication;

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      (b)     a statement of no objection to the prospectus by the Authority; and

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      (c)     publishing the prospectus prior to the issue or offer for sale.

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   (2)   A prospectus submitted under subsection (1)(a) must be prepared in accordance with the prescribed requirements.

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   (3)   The Authority may provide a statement of no objection to a prospectus if it complies with the requirements of this Act.

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   (4)   A prospectus is valid for a period not exceeding 12 months from the date the statement of no objection was provided by the Authority.

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   (5)   Where a prospectus contains a misrepresentation or false information, a client may, within 30 days of the date that the misrepresentation or false information came to his or her knowledge, withdraw the purchase of or subscription to an issue or offer for sale of a virtual asset.

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   (6)   A licensee is liable to pay compensation to a person who relied on a prospectus containing a misrepresentation or false information to purchase or subscribe to an issue or offer for sale of a virtual asset and suffers loss as a result of purchasing or subscribing to an issue or offer for sale of a virtual asset.