Revised Laws of Saint Lucia (2021)

• 1.   Short title and commencement

• 2.   Interpretation

• 3.   Requirement for licence

• 4.   Examination of books of person carrying on banking business without a licence

• 5.   Appointment of receiver for failure to hold licence

• 6.   Repayment of funds obtained without licence

• 7.   Application for licence

• 8.   Grant or denial of licence

• 9.   Licence fees and penalty for default

• 10.   Permissible activities

• 11.   Conditions for licence

• 12.   Variation of conditions for licence

• 13.   Register of licensed financial institutions

• 14.   Revocation of licence

• 15.   Requirement to inform Minister for finance

• 16.   Restricted words, names, and practices

• 17.   Display of licence certificate

• 18.   Offices and branches deemed one licensed financial institution

• 19.   Authorisation of location and approval of new business premises

• 20.   Ownership or control of licensed financial institutions

• 21.   Written application for approval

• 22.   Criteria for approval for ownership or control

• 23.   Granting of approval

• 24.   Person with control to be fit and proper

• 25.   Grounds for disapproval of a transfer

• 26.   Prohibition against selling below supervisory threshold

• 27.   Group holdings to be deemed holdings of single member

• 28.   Quarterly reports on ownership and control

• 29.   Report by foreign licensed financial institution on change of control

• 30.   Sanctions

• 31.   Prohibition against transfer and acquisition of interest

• 32.   Non-applicability of this Part to government or other persons

• 33.   Variation of supervisory thresholds

• 34.   Approval of application for licence by financial holding company

• 35.   Requirement for licensing of financial holding companies

• 36.   Application for licence by financial holding companies

• 37.   Considerations to grant licence to financial holding company

• 38.   Grant or denial of licence to financial holding company

• 39.   Conditions for licence to financial holding company

• 40.   Restriction on activities of financial holding companies

• 41.   Limitation of risk to licensed financial institution

• 42.   Revocation of licence of financial holding company

• 43.   Actions of fundamental change requiring approval

• 44.   Minimum paid-up or assigned capital

• 45.   Maintenance of reserve fund

• 46.   Adequacy of capital

• 47.   Additional capital in respect of special risks

• 48.   Liquidity requirement

• 49.   Limit on exposures

• 50.   Restrictions on exposures to related parties

• 51.   Restrictions on lending to employees

• 52.   Prohibition of advances against security of own shares

• 53.   Prohibition on engaging or investing in trade and outsourcing

• 54.   Financial subsidiaries permitted

• 55.   Restrictions on investments in real property

• 56.   Time limit for compliance with financial requirements

• 57.   Maintenance of specified assets

• 58.   Record keeping and reporting required

• 59.   Annual audit, report and publication of financial statements and results

• 60.   Appointment of external auditor

• 61.   Duties of external auditor

• 62.   Remuneration of external auditor

• 63.   Immediate reports to Central Bank

• 64.   Resignation or removal of external auditor

• 65.   Request for copies of reports

• 66.   External auditor to report to Central Bank

• 67.   No liability for breach of duty

• 68.   Failure to comply with request

• 69.   Audited financial statements

• 70.   Central Bank examination

• 71.   Consolidated supervision

• 72.   Prudential requirements

• 73.   Reporting of group structures

• 74.   Disclosure and access to books and records by Central Bank Examiner for examination

• 75.   Central Bank's powers of remedial action

• 76.   Additional Central Bank remedial actions

• 77.   Remedial actions against directors, officers, employees or significant shareholders

• 78.   Additional Central Bank powers of remedial action against directors, officers, employees or significant shareholders

• 79.   Supplemental powers

• 80.   Failure to comply with remedial actions

• 81.   Effective date of order, warning, agreement, direction

• 82.   Suspension of persons charged with criminal offence etc.

• 83.   Dismissal of criminal case not a bar to Central Bank action

• 84.   Persons convicted may be prohibited from banking business

• 85.   Appointment of observer

• 86.   Actions required for adequately capitalised licensed financial institutions or affiliates suffering losses

• 87.   Actions required for undercapitalised licensed financial institutions, or affiliates

• 88.   Notification of removal of directors and officers

• 89.   Submission of returns and production of information as required by the Central Bank

• 90.   Central Bank may request further information

• 91.   Extension of period for providing information

• 92.   Disclosure of basis for charges and fees

• 93.   Restriction on advertising likely to mislead the public

• 94.   Agreement or arrangement with foreign supervisory authority

• 95.   Furnishing of statement or return to participating governments

• 96.   Prohibition against providing false, misleading statements

• 97.   Minimum criteria for determining whether a person is fit and proper

• 98.   Criteria for determining whether a person is fit and proper to be a significant shareholder

• 99.   Determining whether business carried out in prudent manner

• 100.   Requirement for fit and proper policy

• 101.   Notification to Central Bank of appointment of officers and directors

• 102.   Responsibility of board for corporate governance

• 103.   Removal and disqualification of director or officer

• 104.   Right to make representation

• 105.   Notice of confirmed removal

• 106.   Person to be removed from office

• 107.   Effective date of removal

• 108.   Failure to comply with a direction

• 109.   Failure to comply with section 103

• 110.   Declaration and registration of related interest and conflict of interest by director

• 111.   Responsibility for deceiving statements and obstruction of audit or authorised examination

• 112.   Management's duty of compliance with the requirements of the laws

• 113.   Liability of directors, officers and partners

• 114.   Grounds for appointing an official administrator

• 115.   Notice of appointment of official administrator

• 116.   Effective date of appointment

• 117.   Persons qualified to be official administrator

• 118.   Period of appointment

• 119.   Replacement and removal of official administrator

• 120.   Official administrator to be fit and proper

• 121.   Declaration of conflict of interest

• 122.   Transactions to be approved by Central Bank

• 123.   Failure of official administrator to disclose interest

• 124.   General powers of the official administrator

• 125.   Central Bank oversight of official administration

• 126.   Suspension of dividends

• 127.   Moratorium and effect of official administration on proceedings

• 128.   Suspension of contractual early termination rights

• 129.   Taking control of the licensed financial institution

• 130.   Inventory and plan of action to resolve the licensed financial institution or licensed financial holding company

• 131.   Capital increase by existing shareholders

• 132.   Recapitalization by new shareholders

• 133.   Mergers, sales and other restructurings

• 134.   Mandatory restructuring of liabilities

• 135.   Misconduct by shareholders, directors, officers or others

• 136.   Expenses of the official administration

• 137.   Termination of official administration

• 138.   Grounds of receivership

• 139.   Qualifications and compensation for receiver

• 140.   Commencement and notice of receivership

• 141.   Central Bank oversight of receiver

• 142.   General powers of receiver

• 143.   Transfer of assets and liabilities

• 144.   Effects of receivership

• 145.   Taking control of the licensed financial institution or licensed financial holding company

• 146.   Repudiation of contracts

• 147.   Avoidance of pre-receivership transfers

• 148.   Obligations of lessors of licensed financial institution or licensed financial holding company premises and utility providers

• 149.   Protection of payment, clearance, and settlement systems

• 150.   Determination of claims

• 151.   Authority to disallow claims

• 152.   Claims relating to eligible financial contracts

• 153.   Priorities in payment of claims

• 154.   Unclaimed funds

• 155.   Safe deposits and unclaimed property

• 156.   Termination of receivership and final reporting to the Central Bank

• 157.   Receiver to notify Central Bank of fraudulent activities

• 158.   Voluntary liquidation

• 159.   Cessation of business operations

• 160.   Notice to depositors of voluntary liquidation

• 161.   Rights of depositors and creditors in voluntary liquidation

• 162.   Distribution of assets

• 163.   Insufficiency of assets in discharge of obligations in voluntary liquidation

• 164.   Audited accounts, and conclusion of liquidation

• 165.   Review of bank resolutions under Parts 9 or 10

• 166.   Non-application of Companies Act, Cap. 13.01

• 167.   Abandoned property

• 168.   Report, publication and disposal of abandoned property

• 169.   Abandoned property to vest in the Crown

• 170.   Safe deposit boxes

• 171.   Sale of contents of a safe deposit box

• 172.   Handling of proceeds of sale of abandoned property

• 173.   Claims on abandoned property

• 174.   Failure to file report or to pay property

• 175.   Banking business vesting order

• 176.   Supplementary provision as to transfers

• 177.   Transfers to be subject to stamp duty

• 178.   Secrecy of information

• 179.   Administrative penalties

• 180.   Administrative penalties to be placed to the credit of Central Bank

• 181.   Schedule 3 offences

• 182.   Working days of licensed financial institutions and licensed holding company

• 183.   Regulations

• 184.   Prudential standards

• 185.   Court's powers in legal claims against Central Bank

• 186.   Bridge financial institutions and asset management vehicles

• 187.   Participating Government financing of transfers of deposits

• 188.   Immunity

• 189.   Non-application of Aliens (Licensing) Act

• 190.   Provisions applicable to credit institution, class of credit institution and financial group

• 191.   Amendment of Schedules

• 192.   Repeal and savings

• 193.   Transitional

• Schedule 1

• Schedule 2

• Schedule 3

• Schedule 4