| International Banks Act | The International Banks Act is amended—
(a) by deleting the word “Director” appearing in item 18 of the Arrangement of Sections and by substituting the word “Authority”;
(b) by deleting the word “Minister” appearing in item 20 of the Arrangement of Sections and by substituting the word “Authority”;
(c) in section 2, by inserting the following definition of the word “Authority” in the correct alphabetical sequence: “Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;
(d) in section 2, by deleting the definition of the word “Director”;
(e) in section 2, by deleting the definition of “Minister” and by substituting the following: “Minister” means Minister responsible for Finance”;
(f) by deleting section 18 and by substituting the following:
“18. Duties of Authority
(1) The Authority shall—
(a) maintain a general review of international banking practice in Saint Lucia;
(b) examine, in such manner as the Authority thinks necessary, the affairs or business of any licensee for the purpose of satisfying the Authority that this Act is being complied with and that the licensee is in a sound financial position;
(c) assist in the investigation of any offence against the law in force in Saint Lucia which the authority has reasonable grounds to believe has or may have been committed by a licensee or by any of its directors or officers in their capacity as such;
(d) examine returns, certificates and audited annual accounts; and
(e) examine and determine applications for licences.
(2) In the performance of the Authority's duties under this Act and to verify compliance with the provisions of this Act by a licensee, subject to section 19, the Authority is entitled at all reasonable times—
(a) to have access at its registered office to such books, records, vouchers, documents, cash, securities and other information or a licensee as may be specified by the Authority;
(b) to require the directors, officers and auditor of a licensee to provide information and explanations of the condition and affairs of the licensee;
(c) to request any relevant information, matter or thing from any person who the Authority has reasonable grounds to believe is carrying on international banking business in Saint Lucia in contravention of section 3;
(d) to request any relevant information, return or certificate from a licensee on a regular basis;
(e) to request from any person information or expert advice relevant to the duties of the Authority and to provide to the person assurances regarding the confidential treatment of the information or any other assurances as the Authority may reasonably provide.
(3) Where the Authority requires a person to provide information and explanations under subsection (2)(b) and the Authority is not satisfied with the information or explanations, the Authority may exercise its powers under section 20.
(4) The Authority, may, in writing, authorise any other person to assist the Authority in the performance of the Authority's functions under this Act.
(5) If it appears to the Authority that there are reasonable grounds for suspecting that an offence against this Act has been or is being committed by any person, the Authority may, with the approval of the Court, take such action as the Authority considers necessary, in the interests of the depositors or other creditors of that person, to preserve any assets held by that person.”;
(f) in section 22, by deleting the chapeau and by substituting the following: “A voluntary liquidation of a licensee shall be subject to authorisation by the Authority and the Authority shall so authorise if”;
(g) in section 46, by deleting the words “as the Minister may prescribe” and by substituting the words “as the Authority determines”;
(h) in section 47, by deleting the words “Minister may prescribe” and by substituting the words “Authority determines”;
(i) by deleting subsection (1) of section 50 and by substituting the following:
“(1) A person shall not—
(a) fail to comply with a request made of that person by the Authority or a person authorised by the Authority;
(b) assault or wilfully obstruct the Authority or a person authorised by the Authority in the performance of the Authority's duties under this Act; or
(c) by the offer of any gratuity, bribe or any other inducement prevent or attempt to prevent the Authority or a person authorised by the Authority from performing any duty under this Act.”;
(j) by deleting the words “Minister or Director” appearing in section 50 and by substituting the word “Authority”;
(k) by deleting the words “his or her” appearing in subsection (2) of section 51 and by substituting the word “its”;
(l) by deleting section 53 and by substituting the following:
“53. IMMUNITY
The Authority or a person authorised by the Authority shall not be liable in damages for anything done or omitted in the discharge or purported discharge of their respective functions under this Act, unless it is shown that the act or omission was in bad faith”;
(m) by deleting the word “Minister” where it appears in the Act, and by substituting the word “Authority” except in the definition of “Minister” in section 2, in subsection (3) of section 8 and in section 56;
(n) by deleting the word “Director” where it appears in the Act with its first letter “D” capitalised and by substituting the word “Authority”. |
International Insurance Act
| The International Insurance Act is amended—
(a) by deleting the word “Director” appearing in item 19 of the Arrangement of Sections and by substituting the word “Authority”;
(b) by deleting the word “Minister” appearing in item 21 of the Arrangement of Sections and by substituting the word “Authority”;
(c) in section 2, by inserting the following definition of the word “Authority” in the correct alphabetical sequence: “Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;
(d) in section 2, by deleting the definition of the word “Director”;
(e) in section 2, by deleting the definition of “Minister” and by substituting the following: “Minister” means Minister responsible for Finance;
(f) in section 12, by deleting the words “the Minister may reasonably prescribe” wherever they appear in that section and by substituting the words “as may be prescribed”;
(g) in section 12 by deleting the words “the Minister may reasonably determine” wherever they appear in that section and by substituting the words “as may be prescribed”;
(h) by deleting section 19 and by substituting the following:
“19. Powers and duties of Authority
(1) The Authority shall—
(a) maintain a general review of international insurance practice in Saint Lucia;
(b) examine, in such manner as the Authority thinks necessary, the affairs or business of any licensee for the purpose of satisfying the Authority that this Act is being complied with and that the licensee is in a sound financial position;
(c) assist in the investigation of any offence against the law in force in Saint Lucia which the authority has reasonable grounds to believe has or may have been committed by a licensee or by any of its directors or officers in their capacity as such;
(d) examine returns, certificates and audited annual accounts; and
(e) examine and determine applications for licences.
(2) In the performance of the Authority's duties under this Act and to verify compliance with the provisions of this Act by a licensee, subject to section 20, the Authority is entitled at all reasonable times—
(a) to have access at its registered office to such books, records, vouchers, documents, cash, securities and other information on a licensee as may be specified by the Authority;
(b) to require the directors, officers and auditor of a licensee to provide information and explanations of the condition and affairs of the licensee;
(c) to request any relevant information, matter or thing from any person who the Authority has reasonable grounds to believe is carrying on international insurance business in Saint Lucia in contravention of section 3(1);
(d) to request any relevant information, return or certificate from a licensee on a regular basis;
(e) to request from any person information or expert advice relevant to the duties of the Authority and to provide to the person assurances regarding the confidential treatment of the information or any other assurances as the Authority may reasonably provide.
(3) Where the Authority requires a person to provide information and explanations under subsection (2)(b) and the Authority is not satisfied with the information or explanations, the Authority may exercise its powers under section 21.
(4) The Authority may in writing, authorise any other person to assist the Authority in the performance of the Authority's functions under this Act.
(5) If it appears to the Authority that there are reasonable grounds for suspecting that an offence against this Act has been or is being committed by any person, the Authority may, with the approval of the Court, take such action as the Authority considers necessary, in the interests of the policy holders or other creditors of that person, to preserve any assets held by that person.”;
(i) by deleting subsection (1) of section 23 and by substituting the following:
“(1) A person shall not—
(a) fail to comply with a request made of that person by the Authority or a person authorised by the Authority;
(b) assault or wilfully obstruct the Authority or a person authorised by the Authority in the performance of the Authority's duties under this Act; or
(c) by the offer of any gratuity, bribe or any other inducement, prevent or attempt to prevent the Authority or a person authorised by the Authority from performing any duty under this Act.”;
(j) by deleting the words “Minister or Director” appearing in section 23 and by substituting the word “Authority”;
(k) by deleting the words “his or her” appearing in subsection (2) of section 24 and by substituting the word “its”;
(l) by deleting section 26 and by substituting the following:
“26. IMMUNITY
The Authority or a person authorised by the Authority shall not be liable in damages for anything done or omitted in the discharge or purported discharge of their respective functions under this Act, unless it is shown that the act or omission was in bad faith.”;
(m) by deleting the word “Minister” where it appears in the Act and by substituting the word “Authority”, except in the definition of “Minister” in section 2, in subsection (3) of section 8 and in section 28;”;
(n) by deleting the word “Director” wherever it appears in the Act with its first letter “D” capitalised and by substituting the word “Authority”. |
International Mutual Funds
Act, 2006 | The International Mutual Funds Act is amended—
(a) by deleting the word “Director” appearing in items 36, 41, 46 and 50 of the Arrangement of Sections and by substituting the word “Authority”;
(b) by deleting the word “Director” in item 21 of the arrangement of sections and by substituting the word “director” beginning with a small “d”;
(c) by deleting the word “Minister” appearing in items 34, 35 and 36 of the Arrangement of Sections and by substituting the word “Authority”;
(d) in section 2 by inserting the following definition of the word “Authority” in the correct alphabetical sequence:” “Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;
(e) in section 2, by deleting the definition of the word “Director”;
(f) in section 2, by deleting the definition of “Minister” and by substituting the following: “Minister” means Minister responsible for Finance”;
(g) by deleting the words “his or her” appearing in section 26(1) (a) and by substituting the word “its”;
(h) by deleting paragraph (d) of section 36 and substituting the following:
“(d) examine and determine applications for licences under this Act.”;
(i) by deleting the words “with the approval of the Minister” appearing at the beginning of sections 37(2), 42(2) and 47(2);
(j) by deleting paragraph (d) of section 46 and substituting the following:
“(d) examine and determine applications for licences under this Act.”;
(k) by deleting the words “Minister or Director” appearing in sections 53, 54 and 57 and by substituting the word “Authority”;
(l) by deleting the word “Minister” where it appears in the Act, and by substituting the word “Authority” except in the definition of “Minister” in section 2, in subsection (3) of section 2, subsection (3) of section 11 and section 60;
(m) by deleting the word “Director” wherever it appears in the Act with its first letter “D” capitalised and by substituting the word “Authority”. |
Registered
Agent and
Trustee
Licensing Act | The Registered Agent and Trustee Licensing Act is amended—
(a) by deleting the word “Director” appearing in items 11, 13 and 15 of the Arrangement of Sections and by substituting the word “Authority”;
(b) by deleting the word “Minister” appearing in item 14 of the Arrangement of Sections and by substituting the word “Authority”;
(c) in section 2, by inserting the following definition of the word “Authority” in the correct alphabetical sequence: “Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;
(d) in section 2, by deleting the definition of the word “Director”;
(e) in section 2, by deleting the definition of “Minister” and by substituting the following: ”Minister” means Minister responsible for Finance”;
(f) in section 6, by deleting the words “Where the Minister on the advice of the Director” appearing in subsection (1) and by substituting the words “Where the Authority”
(g) by deleting section 11 and by substituting the following:
“11. Authority
The Authority shall be responsible for ensuring compliance with the provisions of this Act.”
(h) by deleting sections 12, 13 and 14;
(i) in section 15, by deleting the words “the recommendation by the Director to the Minister of”;
(j) in section 20, by deleting the words “copied to the Minister appearing in subsection (2);
(k) in section 20, by deleting the chapeau of subsection (4) and my substituting the following: “(4) Where a matter is regarded as grave under subsection (1), the Minister may- ”;
(l) by deleting section 53 and by substituting the following:
“27. IMMUNITY
An action, prosecution or other proceedings shall not be brought against the Minister, the Authority, the Financial Centre Corporation or an agent of the Financial Centre Corporation or other person in respect of any acts or matters done or omitted to be done in good faith in the discharge of functions conferred by this Act.”;
(m) by deleting the word “Minister” where it appears in the Act, except in the definitions of “Minister” in section 2, section 27 and in section 30, and by substituting the word “Authority”;
(n) by deleting the word “Director” where it appears in the Act with its first letter “D” capitalised and by substituting the word “Authority”. |
| International Business Companies Act | The International Business Companies Act is amended—
(a) in section 2, by inserting the following definition of the word “Authority” in the correct alphabetical sequence—
“Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;”;
(b) by deleting the word “Minister” where it appears in section 5 and by substituting the word “Authority”. |
| International Partnership Act | The International Partnership Act is amended—
(a) in section 2, by inserting the following definition of the word “Authority” in the correct alphabetical sequence;
“Authority” means the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act;
(b) in section 2 by deleting the definition of “Director”;
(c) in section 88 by deleting the word “Director” where it appears and by substituting the word “Authority”;
(d) in section 108 by deleting the words “Director of Financial Services” wherever it appears and by substituting the word “Authority”; and
(e) in section 4 by—
(i) inserting after the section designation “(4)”, the subsection designation “(1)”; and
(ii) adding the following new subsections (2), (3) and (4):
“(2) The Registrar shall not register an international partnership under this Act for the purpose of engaging in international mutual fund business unless its registration has been consented to by the Authority.
(3) A person who requires the consent of the Authority under subsection (2) shall submit a proposal to that effect to the Authority and the Authority may consent to the incorporation.
(4) Nothing done by the Authority under subsection (3) shall preclude the Authority from refusing an application for a licence under the International Mutual Funds Act. |
| Co-operatives Societies Act | The Co-operatives Societies Act is amended—
(a) in section 2 by inserting the following as subsection (3):
“(3) A reference in this Act to “Registrar” or “Registrar of Co-operatives” shall in relation to—
(a) a credit union be construed as a reference to the Financial Services Regulatory Authority established under the Financial Services Regulatory Authority Act, and referred to in section 5A;
(b) any other co-operative society be construed as a reference to the Registrar of Co-operatives referred to in section 5.”;
(b) by inserting the following section immediately after section 5 as section 5A—
“5A. Notwithstanding subsection 5, for the purposes of regulating credit unions, the Registrar of Co-operatives shall be the Financial Services Regulatory Authority and a credit union shall, in addition to the provisions of this Act, be subject to the provisions of the Financial Services Regulatory Authority Act and the Financial Services Regulatory Authority shall be responsible for the administration of this Act in relation to credit unions.”. |
Saint Lucia Development
Bank Act | The Saint Lucia Development Bank Act is amended—
(a) in section 2 by deleting the definition of the words “banking business” and substituting the following:
“banking business” means the business of receiving funds through—
(a) the acceptance of monetary deposits, other financial instruments and securities for use as collateral for loans;
(b) the acceptance of—
(i) time deposits for duration exceeding one year; and
(ii) loans from other institutions for the purpose of financing the Bank's lending programmes;”;
(b) in section 2 by deleting the definition of the words “Central Bank”;
(c) in section 2 by inserting the following definitions in their proper alphabetical sequence: “Eastern Caribbean Securities Regulatory Commission” means the Eastern Caribbean Securities Regulatory Commission established by article 3 of the agreement establishing the Eastern Caribbean Securities Regulatory Commission made on 24 November 2000, the text of which is set out in the Schedule to the Securities Act;
“Financial Services Regulatory Authority” means the Financial Services Regulatory Authority established under section 3 of the Financial Services Regulatory Authority Act;”
(d) in section 2 by adding after the words “risk bearing” in the definition of the words “investment banking” the following words:
“and other investment or securities business permissible under the Securities Act, and regulated by the Eastern Caribbean Securities Regulatory Commission;”;
(e) in section 2, by inserting the following definition of the word “deposit” in the correct alphabetical sequence:
“deposit” means any time deposit for a duration exceeding one year to be used as collateral for loans or to finance the Bank's lending programme;”;
(f) in section 5, by deleting the comma and the word “on” appearing between the words “accept” and “deposit” in subsection (2)(a);
(g) in section 25, by deleting the words “after consultation with the Minister”;
(h) in section 31, by deleting the full stop in paragraph (b) and inserting the following new paragraph (c):
“(c) paragraphs (a) and (b) are subject to the approval of the Financial Services Regulatory Authority”.
(i) by repealing section 47;
(j) by deleting section 48 and by substituting the following:
“48. Unless otherwise expressly stated in this Act, the provisions of the Financial Services Regulatory Authority Act applies to the Bank.”. |