Revised Laws of Saint Lucia (2023)

10.   Revocation of registration

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   (1)   The Authority may revoke the registration of a supervised entity if —

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      (a)     the supervised entity —

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         (i)     fails to comply with an obligation imposed under this Act,

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         (ii)     no longer exists or engages in other business activity;

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      (b)     the Attorney General is of the opinion that it is in the public interest for the supervised entity to be deregistered.

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   (2)   The Authority shall, before revoking the registration of a supervised entity under subsection (1)(a) and (b) —

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      (a)     give written notice to the supervised entity stating the grounds on which it intends to revoke the registration of the supervised entity;

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      (b)     in the case of subsection (1)(a), inform the supervised entity of its right to make representations to the Authority within 14 days of receipt of the notice of revocation under paragraph (a).

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   (3)   After considering any representations made under subsection (2)(b), the Authority shall —

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      (a)     within 30 days of receiving representations from the supervised entity, determine whether to revoke the registration of the supervised entity; and

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      (b)     convey its decision in writing to the supervised entity.

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   (4)   Where the Authority revokes the registration of a supervised entity, the Authority shall cause a notice of revocation to be published in the Gazette, a weekly newspaper circulating in Saint Lucia and posted on the Authority's website.