Revised Laws of Saint Lucia (2023)

4.   Penalty for use or disclosure of confidential informaTion

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   (1)   Subject to subsection (2) a person shall not make use of or disclose any confidential information other than for the administration or enforcement of securities laws.

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   (2)   Notwithstanding subsection (1), any other written law or rule of law, on a written request the Commission or any duly authorised person or entity may disclose the information referred to in subsection (1) —

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      (a)     pursuant to a court order; or

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      (b)     to —

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         (i)     a representative of the government of any of the member countries,

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         (ii)     a duly authorized representative of the Central Bank, the Financial Intelligence Unit or a regulatory agency in any of the member countries,

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         (iii)     an expert hired or retained by the Commission, or

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         (iv)     a duly authorized representative of a securities or foreign regulatory authority,

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   in connection with the administration and enforcement of securities laws, any other written law that is administered by the Commission or similar legislation of any foreign jurisdiction if the Commission is satisfied that the information will be treated as confidential by the person or agency to whom it is disclosed and used strictly for the purpose for which it is disclosed.

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   (3)   Subsection (1) applies to any person who receives information under subsection (2).

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   (4)   For the purpose of this section, “confidential information” means any information obtained as a result of a person's relationship with the Commission in the course of his duties in the exercise of the Commission's functions under securities laws but does not include information that is or has already been made available to the public.

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   (5)   Every member, officer and employee of the Commission shall be required to take an oath of secrecy.

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   (6)   The duty not to disclose information pursuant to subsection (1) —

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      (a)     applies to a person both before and after he or she has terminated his or her employment with the Commission; and

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      (b)     includes the duty to maintain the confidentiality of any information received from a foreign regulator.

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   (7)   A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of five hundred dollars or imprisonment for a term not exceeding 6 months.