(1) The Commission may by notice in writing give the licensee a direction under this section where it appears to the Commission that—
(a) it is desirable for the protection of investors; or
(b) the licensee is contravening, has contravened or is about to contravene, or has failed to comply with any provision of or requirement under this Act or regulations made under this Act, or, in purported compliance with any such provision or requirement has furnished the Commission with information that is false, inaccurate or misleading.
(2) A direction under this section may contain all or any of the following prohibitions or requirements—
(a) require a licensee to cease and desist from the contravention;
(b) prohibit a licensee from entering into transactions of a class or description specified in the notice or entering into them otherwise than in circumstances so specified or to an extent so specified;
(c) prohibit a licensee from soliciting business from a person of a class or description so specified or from persons other than persons of such a class or description; or
(d) prohibit a licensee from carrying on business in a specified manner or otherwise than in a specified manner;
(e) as regards any assets whether in Saint Lucia or elsewhere and whether they are the assets of the licensee or not—
(i) prohibit a licensee from disposing of such assets or prohibit the licensee from dealing with them in a manner specified in the notice, or
(ii) require a licensee to deal with such assets in, and only in, a manner specified in the notice;
(f) require a licensee to maintain in Saint Lucia assets of such value as appears to the Commission to be desirable with a view to ensuring that the licensee will be able to meet its liabilities in respect of its licensed securities business;
(g) require a licensee to transfer control of assets of a specified class or description to a trustee approved by the Commission.
(3) A licensee shall comply with a direction of the Commission under this section.
(4) A direction under this section shall be for such specified period as the Commission considers necessary (which may be extended as deemed necessary): Except that a direction issued by the Commission containing any prohibition or requirement under subsection (2)(e), (2)(f) or (2)(g) shall be for a period not exceeding 60 days.
(5) A licensee who fails to comply with a direction of the Commission commits an offence.
(6) The Commission may, by written notice either of its own motion or on the application of a licensee on whom a prohibition or requirement has been imposed under this section, rescind or vary the prohibition or requirement if it appears to the Commission that it is no longer necessary for the prohibition or requirement to take effect or continue in force or, as the case may be, that it should take effect or continue in force in a different form.