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Amendments

SAINT LUCIA
No. 2 of 2003

An Act to amend the International Banks Act 1999 No. 43.

[27th January, 2003]

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the House of Assembly and the Senate of Saint Lucia, and by the authority of the same, as follows:

  1. Short title

    This Act may be cited as the International Banks (Amendment) Act 2003.

  2. Substitution of section 15(1)

    Section 15(1) of the International Banks Act 1999, No. 43 is repealed and the following section is substituted:

    "Audited accounts for licensee

    15. (1) A licensee shall have its financial statements audited annually or at such other times as the Minister may require, by an auditor who is a member of the Institute of Chartered Accountants of Saint Lucia or is approved by the Minister, and who shall conduct the audit in accordance with International Standards on Auditing.".

Passed in the House of Assembly this 12th day of November, 2002.

MATTHEW ROBERTS,
Speaker of the House of Assembly

Passed in the Senate this 20th day of December, 2002.

HILFORD DETERVILLE,
President of the Senate.

No. 2 ] International Banks (Amendment) Act [2003.

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International Banks
(Amendment) Regulations
SAINT LUCIA
STATUTORY INSTRUMENT, 2001, No. 34

[ 17th March, 2001 ]

The Minister for International Financial Services, in exercise of the power conferred by section 56 of the International Banks Act 1999, No.43, makes these Regulations:

  1. Citation

    These Regulations may be cited as the International Banks (Amendment) Regulations, 2001.

  2. Replacement of Regulation 7

    Regulation 7 of the International Banks Regulations 2000, No.97 is revoked and replaced by the following:

    "Fees

    7. —(1) In this regulation —

    "annual fees" means the annual fee pursuant to section 8 (2) of the Act;

    "prescribed fee" means the prescribed fee pursuant to section 8 (1) of the Act.

    (2) Subject to sub-regulation (3), the annual fee payable pursuant to section 8 of the Act shall be as prescribed in the Second Schedule.

    (3) Where a licence is granted between —

    1. the 1st day of January and the 31st day of March or on either of these dates, the prescribed fee payable on the grant of the licence shall be the full annual fee.
    2. the 1st day of April and the 30th day of June or on either of these dates, the prescribed fee payable on the grant of the licence shall be seventy-five percent of the annual fee;
    3. the 1st day of July and the 30th day of September or on either of these dates, the prescribed fee payable on the grant of the licence shall be fifty percent of the annual fee;
    4. the 1st day of October and the 31st day of December or on either of these dates, the prescribed fee payable on the grant of the licence shall be twenty-five percent of the annual fee."
  3. Commencement

    These Regulations shall be deemed to have come into force on the 15th day of April, 2000.

PHILLIP J. PIERRE,

Minister for International Financial Services.

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