Revised Laws of Saint Lucia (2021)

13.   Powers, duties and functions of the Authority

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    (1)   The Authority is responsible for the administration of this Act and the enactments specified in Schedule 1 and has the powers, duties and functions assigned to the Authority by the Minister under this Act and the enactments specified in Schedule 1. (Amended by Act 7 of 2016)

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    (2)   The Authority, without limiting the generality of subsection (1), shall—

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      (a)     consider and grant or refuse applications and requests under any of the enactments specified in Schedule 1;

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      (b)     maintain a general review of the operations of all regulated entities;

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      (c)     examine the affairs or business of a regulated entity for the purpose of satisfying itself that the provisions of this Act and the enactments specified in Schedule 1 are being complied with and that a regulated entity is in a sound financial position and is managing the business of the regulated entity in a prudent manner;

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      (d)     assist any authorised authority in the investigation of any offence against the Laws of Saint Lucia which it has reasonable grounds to believe has or may have been committed by a regulated entity; and

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      (e)     co-operate with the Financial Intelligence Authority, other regulatory authorities and the Eastern Caribbean Central Bank in the supervision of a regulated entity.