(1) The Central Bank shall be responsible for —
(a) the overall management of this Act; and
(b) the day-to-day administration, supervision and implementation of this Act and the Regulations.
(2) Without prejudice to the generality of subsection (1), the Central Bank shall —
(a) regulate and supervise the permissible activities of credit bureaus, credit information providers, subscribers and their agents in the Currency Union under this Act;
(b) issue standards and targets regarding the provision of credit reporting services under this Act and the Regulations;
(c) maintain proper standards of conduct and acceptable credit reporting practices;
(d) protect the integrity of the credit reporting system in Saint Lucia, against abuses; and
(e) take measures to protect the rights and interests of data subjects.
(3) In the exercise of its duties and functions under subsections (1) and (2), the Central Bank may —
(a) grant licences to credit bureaus in the Currency Union;
(b) in accordance with this Act and the Regulations —
(i) evaluate every application for a licence to operate or carry on the business of a credit bureau,
(ii) issue guidelines for operating a credit bureau, and
(iii) inspect the premises, systems and operations of a credit bureau;
(c) impose any one penalty or a combination of the penalties and sanctions set out in subsection (4) for contravention of this Act and the Regulations;
(d) undertake any other activity necessary or expedient to give full effect to the provisions of this Act; or
(e) exercise such other duties and functions as may be conferred upon or assigned to the Central Bank by or under this Act and the Regulations.
(4) The penalties and sanctions referred to in subsection (3)(c) are —
(a) a warning or reprimand to the credit bureau;
(b) a fixed penalty in accordance with section 51;
(c) any directive that the Central Bank considers appropriate; and
(d) the suspension or revocation of the licence granted to the credit bureau in accordance with section 15.
(5) The Central Bank shall make every decision respecting the exercise of its supervisory and regulatory responsibilities, powers, duties and functions under this Act in accordance with the principles of natural justice.