Saint Lucia Limited Service Broker License_Guideline
Saint Lucia Limited Service Broker License
The Securities Act, 2001, provides the legal framework for the provision of the Limited Service Broker License in Saint Lucia regulated by the Eastern Caribbean Securities Regulatory Commission.
As per the Act, a limited service broker means a person dealing in securities whose licence is restricted to executing securities trades on its own account and on behalf of customers, together with any necessary and incidental activities.
A limited service broker licensee is not allowed to provide services such as investment advice, investment banking and underwriting or hold discretionary accounts for customers
The applicant must be a company which includes:
a company, limited partnerships, unit trust or other business entity, which is incorporated, registered or otherwise established under the laws of a member territory of the Eastern Caribbean Currency Union.
|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 capital requirement for a limited service broker is Two Hundred and Fifty Thousand Eastern Caribbean Dollars (EC$250,000.00) which is 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 has complied with the provisions of the Act and its accompanying Regulations, 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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Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.
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The Valsen Advantage
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
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- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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