Revised Laws of Saint Lucia (2023)

15.   Powers of the Authority regarding a prospectus

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   (1)   The Authority may waive the inclusion of certain information required for a prospectus if the Authority considers that —

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      (a)     disclosure of the information would be contrary to the public interest;

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      (b)     the disclosure of the information would be seriously prejudicial to the licensee, provided that the omission of such information is not likely to mislead the public as to facts and circumstances essential for an informed assessment of the licensee or virtual asset; or

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      (c)     the information is not essential to influence the assessment of the financial position and prospects of the licensee or virtual asset.

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   (2)   The Authority has the power —

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      (a)     to order an amendment to a prospectus to include information, in addition to the prescribed requirements, prior or subsequent to the provision of a statement of no objection to a prospectus;

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      (b)     pursuant to paragraph (a), to suspend an issue or offer for sale of a virtual asset where an order for an amendment is made subsequent to the provision of a statement of no objection to a prospectus;

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      (c)     to suspend or cancel an issue or offer for sale of a virtual asset if it is in the public interest to do so; and

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      (d)     to issue a notice advising the public of an order made under paragraph (a) or (b).

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   (3)   The Authority is not liable to an action for damages suffered as a result of a prospectus for which the Authority provided a statement of no objection.