Revised Laws of Saint Lucia (2021)

31.   Directives by Central Bank

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   (1)   The Central Bank may issue directives to any person regarding a designated funds transfer system or designated settlement system regarding the application of the provisions of this Act and may in such directive require any person to—

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      (a)     cease or refrain from engaging in any conduct or perform such other acts as are necessary to remedy the situation;

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      (b)     perform such acts as are necessary to comply with the directive or to effect the changes; or

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      (c)     provide the Central Bank with such information and documents relating to the matter as specified in the directive.

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   (2)   In considering whether to issue a directive, the Central Bank may have regard to any or all of the following matters—

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      (a)     that reasonable grounds exist to believe that any person is engaging or is about to engage in any conduct with respect to the payment system, that results or is likely to result in systemic risk;

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      (b)     that reasonable grounds exist to believe that any person is engaging or is about to engage in any conduct with respect to the payment system, that is or will be contrary to the public interest relative to the integrity, effectiveness, efficiency or security of the payment system;

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      (c)     the public interest;

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      (d)     the integrity, effectiveness, efficiency or security of the payment system;

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      (e)     national or Currency Union stability;

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      (f)     any other matters that the Central Bank considers appropriate.

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   (3)   A person who neglects, refuses or fails to comply with a directive issued under subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 4 years.

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   (4)   The Central Bank may apply to the High Court for an order directing a system participant to comply with a directive issued under subsection (1).

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   (5)   The Central Bank may impose restrictions against an operator or system participant who acts in contravention of this Act or Regulations, rules or directives issued pursuant this Act.

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   (6)   In this section “systemic risk” means a scenario in which the failure of one or more settling participants to meet their payment obligations or their settlement obligations is likely to cause any or all of the other system participants to be unable to meet their respective payment or settlement obligations.