Revised Laws of Saint Lucia (2023)

9.   Suspension and revocation of licence

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   (1)   The Authority may suspend a licence by giving 10 days written notice to the licensee, if the licensee —

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      (a)     has contravened this Act;

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      (b)     obtains a licence pursuant to an application for a licence where a false declaration was made;

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      (c)     ceases to operate or offer a virtual asset business in excess of 90 days;

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      (d)     makes a request for revocation or suspension of a licence to the Authority;

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      (e)     in the case of a company, enters liquidation, is wound up or otherwise dissolved;

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      (f)     is no longer a fit and proper person to be a licensee;

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      (g)     is conducting business in a manner that is detrimental to clients or the public interest;

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      (h)     misrepresents or provides false information in a prospectus; or

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      (i)     in the case of a beneficial owner, significant shareholder, director or manager of the licensee, is convicted of a criminal offence, except where the offence —

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         (i)     is a minor traffic offence, or

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         (ii)     has been spent in accordance with the Criminal Records (Rehabilitation of Offenders) Act.

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   (2)   A licence shall be revoked on the expiration of 5 days from the date of notice given by the Authority if the licensee fails to rectify the issues which caused its suspension, within 30 days.

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   (3)   Notwithstanding subsections (1) and (2), the Authority may revoke or suspend a licence without notice if it is in the public interest or to protect the interest of clients.

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   (4)   A notice under subsections (1) and (2) shall specify the reasons for the suspension or revocation.