Saint Lucia Investment Advisor License _Guideline
Saint Lucia Investment Advisor License
The Securities Act, 2001, provides the legal framework for the provision of the Investment Advisor Services in Saint Lucia regulated by the Eastern Caribbean Securities Regulatory Commission.
As per the Act, an Investment Advisor means a person carrying on business of:
- Advises others concerning investment in securities;
- Issues analyses or reports concerning specific securities; or
- Manages a portfolio of securities for another person –
- Without holding property of the other person; and
- On terms that preclude him from doing so.
|Entity Requirements||An applicant could be a company registered or incorporated under the Companies Act of a Member Territory or an individual resident in a Member Territory.|
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
The Applicant must employ at least one individual who is licensed as a representative.
The representative must:
|Local Office||The applicant must have premises acceptable to the ECSRC. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the ECSRC.|
|Minimum Capital Requirements||
The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.
The prescribed minimum paid-up capital is EC$ 250,000 (Approximately USD 93,000)
- Licences are to be renewed annually on 1 April. On application for renewal of a licence, the ECSRC, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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