Revised Laws of Saint Lucia (2023)

6.   Evaluation of application

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   (1)   When evaluating an application for a licence to operate or carry on the business of a credit bureau in the Currency Union the Central Bank shall take into account all relevant matters within its discretion including —

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      (a)     the background, reputation, integrity, experience and capacity of the proposed directors, managers and other officers of the applicant as evidenced by, among other things, the curriculum vitae and professional qualifications of the proposed directors, managers and other officers of the applicant;

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      (b)     the business plan of the applicant, including a mechanism to integrate, gather, update and validate the data; and

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      (c)     the design of data collection for data subject information and flexibility in structuring the information in accordance with the Act and Regulations.

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   (2)   Without prejudice to the generality of subsection (1)(a), a person shall not be qualified to hold office as a director, a manager or an officer of a credit bureau if the person —

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      (a)     is a minor or is under a legal disability;

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      (b)     has been convicted of an offence involving theft, fraud, forgery, causing financial loss or perjury;

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      (c)     has been removed from an office of trust on account of misconduct, abuse of office, corruption or incompetence in the immediate preceding 10 years from the date of the application; or

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      (d)     is an auditor of a credit bureau or any company associated with a credit bureau.

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   (3)   The Central Bank may, in accordance with the Act and the Regulations, require an applicant to provide evidence to its satisfaction regarding the professional and moral suitability of any proposed director, officer or significant shareholder of the applicant.

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   (4)   For the purpose of subsection (3), the Central Bank —

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      (a)     shall have regard to the following qualities, in so far as the qualities are reasonably determinable —

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         (i)     the general probity of the proposed director, officer or significant shareholder of the applicant;

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         (ii)     the competence and soundness of judgment of the proposed director, officer or significant shareholder of the applicant for the fulfilment of the responsibilities of the office in question; and

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         (iii)     the diligence with which the proposed director, officer or significant shareholder of the applicant is likely to fulfil the responsibilities referred to in sub-paragraph (ii); and

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      (b)     may have regard to the past conduct and activities of the proposed director, officer or significant shareholder of the applicant in the credit reporting business, and in particular, to any evidence that the person concerned —

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         (i)     has been convicted of an offence of fraud or any other offence of which dishonesty is an element;

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         (ii)     has contravened the provisions of any law designed for the protection of members of the public against financial loss due to the dishonesty or incompetence of, or malpractices by persons engaged in the provision of banking, insurance, investment, money services, credit union or similar cooperative institution, micro-finance institution or other financial services;

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         (iii)     was a director or an officer of a credit provider that has been liquidated or is under liquidation or statutory management;

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         (iv)     has taken part in any business practices that in the opinion of the Central Bank were fraudulent, prejudicial or otherwise improper (whether unlawful or not) or which otherwise discredited his or her method of conducting business;

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         (v)     has taken part in or has been associated with any other business practices as would cast doubt on his or her competence and soundness of judgment; or

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         (vi)     has otherwise conducted himself or herself in such a manner so as to cast doubt on his or her competence and soundness of judgment.

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   (5)   Where the Central Bank has reason to believe that a person has relevant information on any proposed director, officer or significant shareholder of an applicant, the Central Bank may request the person having such information to furnish the information.

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   (6)   In subsection (5), “relevant information” means information in respect of any proposed director, officer or significant shareholder of an applicant as may be necessary for the purposes of this section.