(3) Where the holder of a security is a nominee, then, except with the permission of the Director of Finance and Planning, neither he or she, if he or she is resident in Saint Lucia, nor any person resident in Saint Lucia through whose agency the exercise of all or any of the holder's rights in respect of the security are controlled, shall—
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(a) do any act whereby he or she recognizes or gives effect to the substitution of another person as the person from whom he or she directly receives his or her instructions unless both the person previously instructing him or her and the person substituted for that person were, immediately before the substitution, resident in the scheduled territories and not elsewhere; or
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(b) do any act whereby he or she ceases to be a person bound to give effect to the instructions of another person in relation to the security, unless the person who theretofore instructed him or her is resident in the scheduled territories and not elsewhere.