Revised Laws of Saint Lucia (2021)

36.   Disclosure and access to books and records and examination by Authority

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   (1)   Notwithstanding any provision under an enactment specified in Schedule 1, the Authority may examine or cause an examination to be made of each regulated entity or an affiliate of the regulated entity from time to time or whenever in its judgment, such examination is necessary or expedient in order to determine that the regulated entity is in a sound financial condition and that the requirements of this Act have been complied with in the conduct of its business.

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   (2)   The Authority may assess a regulated entity for the reasonable expenses of conducting an examination under subsection (1).

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   (3)   The Authority shall forward copies of reports on the results of any examination made under this section to the regulated entity.

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   (4)   Where the Authority reasonably suspects that a regulated entity or a director, an officer or an employee of a regulated entity is in breach of this Act or an enactment specified in Schedule 1, the Regulations or its licence or where an allegation of breach is made to the Authority against a regulated entity or a director, an officer or an employee of a regulated entity, the Authority may conduct any investigation that the Authority considers necessary in relation to the regulated entity or the director, an officer or an employee of the regulated entity and may perform any of the following in the course of such investigation—

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      (a)     compel the production of documents, records or information in the custody or control of the regulated entity;

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      (b)     compel the appearance of a director, an officer or an employee of a regulated entity or any other person for the purpose of ascertaining compliance with this Act, an enactment specified in Schedule 1, the Regulations or the licence;

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      (c)     inspect, examine or make copies of any document or record in the possession of the regulated entity relevant to the licence held by the regulated entity;

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      (d)     require verification of source and amount of income of the regulated entity and all other matters pertinent to the licence;

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      (e)     enter or inspect any premises for the purpose of ascertaining compliance with this Act, an enactment specified in Schedule 1, the Regulations or the licence; and

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      (f)     seize or remove any document or records relating to the licence or the regulated entity for the purpose of examination and inspection;

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      (g)     hire a third-party to conduct an investigation of which the expense may be charged to the regulated entity upon which the investigation is being conducted.

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   (5)   For the purpose of discharging its functions and duties under this Act, the Authority shall, as it reasonably requires, be entitled to request any information, matter or thing from any person the Authority has reasonable grounds to believe is providing a regulated service without a licence.

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   (6)   Where the Authority reasonably suspects that a person is committing an offence by providing a regulated service without a licence, a police officer may lay before a Magistrate information on oath setting out the grounds for the suspicion and apply for the issue of a warrant to search the premises where the regulated service is believed to be provided.

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   (7)   Where an application is made under subsection (6) for a warrant, the Magistrate may issue a warrant authorizing a police officer, whether named in the warrant or not, with such assistance, including assistance from the Authority and by such force as is necessary and reasonable, to enter upon the premises, search and inspect the premises and—

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      (a)     examine, inspect, make copies of, seize or remove any document or record; and

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      (b)     seize any equipment or other property,

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   found on the premises in the course of the search that the police officer has reasonable grounds to believe is being used in the commission of the offence.

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   (8)   A person shall not—

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      (a)     fail to comply with a request of the Authority under subsection (4) or (5); or

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      (b)     hinder, obstruct, prevent or interfere with a police officer, a director, the Executive Director or an employee of the Authority in the exercise of a power under this section.

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   (9)   A person who contravenes the provisions of subsection (8) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to a term of imprisonment not exceeding 3 years or to both.