Revised Laws of Saint Lucia (2023)

8.   Renewal of registration

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   (1)   A supervised entity shall renew its registration, on or before the date specified in the Certificate of Registration, by making an application for renewal of registration to the Authority.

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   (2)   An application under subsection (1) must —

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      (a)     be in the prescribed form;

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      (b)     be accompanied by —

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         (i)     a Declaration of Compliance or Non-Compliance in the prescribed form,

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         (ii)     the prescribed registration fee under section 7(1).

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   (3)   The Authority may grant approval of an application if the applicant satisfies the requirements under subsection (2).

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   (4)   The Authority may refuse an application if —

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      (a)     an application does not comply with subsection (2);

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      (b)     a director, senior manager, beneficial owner or close associate of the applicant has engaged in criminal conduct within a period of 10 years preceding the application;

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      (c)     the applicant, having previously been registered under this Act, has been deregistered under section 11;

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      (d)     it is contrary to the public interest for the applicant to be registered.

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   (5)   The Authority shall notify the applicant in writing —

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      (a)     of the grant of the application; or

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      (b)     of the refusal of the application and provide the reason for the refusal.

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   (6)   Notwithstanding subsection 5(b), the Authority shall, prior to refusing an application, afford the applicant a reasonable opportunity to be heard in support of the application and to make representations to the Authority, whether orally or in writing.

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   (7)   The Authority shall, on approval of the application, issue a Certificate of Renewal in the prescribed form to the supervised entity.

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   (8)   Subject to section 11(1)(a)(i), a supervised entity which fails to renew its registration under this section commits an offence and is liable on summary conviction to a fine not exceeding $25,000 and to an additional fine of $300 for each day the offence continues.