Revised Laws of Saint Lucia (2021)

17.   Oath of secrecy and confidentiality

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   (1)   A director, an officer or employee of the Authority is required to take the oath of secrecy set out in Schedule 2.

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   (2)   Subject to subsection (3), a director, an officer, an employee, an agent or an adviser of the Authority shall not disclose any information relating to—

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      (a)     the business or affairs of the Authority;

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      (b)     any application made to the Authority under this Act or any enactment specified in Schedule 1;

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      (c)     the business or affairs of a regulated entity; or

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      (d)     the affairs of a customer, member, director, client or policyholder of a regulated entity, that the director, officer, employee, agent or adviser has acquired in the course of his or her duties or in the exercise of the Authority's functions under this Act or any other law. (Amended by Act 7 of 2016)

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      (3)   Subsection (2) does not apply to a disclosure—

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      (a)     for the purpose of sharing information with a regulatory authority or the Financial Intelligence Authority in accordance with section 36 or any other law in force in Saint Lucia;

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      (b)     lawfully required or permitted by any court of competent jurisdiction in Saint Lucia;

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      (c)     in respect of the business affairs of a regulated entity or of a customer, member, director, client or policyholder of a regulated entity, with the consent of the person or the customer, member, director, client or policyholder, as the case may be, which consent has been voluntarily given; (Amended by Act 7 of 2016)

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      (d)     for the purpose of enabling or assisting the Authority in exercising a function conferred on it under this Act or any other law;

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      (e)     if the information disclosed is or has been available to the public;

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      (f)     where the information disclosed is in a manner that does not enable the identity of any customer, member, client or policyholder of a regulated entity or any other entity registered or licenced under any enactment specified in Schedule 1 to which the information relates, to be ascertained;

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      (g)     lawfully made to a person with a view to the institution of, or for the purpose of—

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         (i)     criminal proceedings,

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         (ii)     disciplinary proceedings, whether within or outside Saint Lucia, relating to the exercise by an attorney-at-law, auditor, accountant, valuer or actuary of his or her professional duties, or

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         (iii)     disciplinary proceedings relating to the discharge of duties by a director, officer or employee of the Authority;

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      (h)     for the purposes of any legal proceedings in connection with the winding-up or dissolution of a regulated entity; or

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      (i)     for the appointment or duties of a receiver of a regulated entity.

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   (4)   For the purposes of this section, “actuary” means a person who satisfies the Authority that he or she—

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      (a)     is a Fellow or an associate of a professional body of actuaries that is internationally recognized; or

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      (b)     is a person of equivalent status to that of a Fellow or an associate mentioned in paragraph (a); and

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      (c)     has at least two years of experience as an actuary for a financial institution.