Revised Laws of Saint Lucia (2023)

9.   Suspension of registration

1.  

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

   1.  

      (a)     fails to comply with a condition of registration within the period specified by the Authority;

   1.  

      (b)     does not comply with this Act.

1.  

   (2)   Where the Authority proposes to suspend the registration of a supervised entity under subsection (1), the Authority shall give written notice to the supervised entity which —

   1.  

      (a)     specifies the proposed date on which the suspension takes effect;

   1.  

      (b)     sets out the reasons for the suspension;

   1.  

      (c)     includes a statement that the suspension may be reviewed if the Authority becomes aware of material information relevant to the reasons specified under paragraph (b);

   1.  

      (d)     specifies the period of the suspension;

   1.  

      (e)     specifies the date on which the suspension ceases;

   1.  

      (f)     informs the supervised entity of its right to make representations to the Authority within a specified time to review its decision.

1.  

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

   1.  

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

   1.  

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