(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)
(2) The Authority, without limiting the generality of subsection (1), shall—
(a) consider and grant or refuse applications and requests under any of the enactments specified in Schedule 1;
(b) maintain a general review of the operations of all regulated entities;
(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;
(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
(e) co-operate with the Financial Intelligence Authority, other regulatory authorities and the Eastern Caribbean Central Bank in the supervision of a regulated entity.