Exchange of Information Act, no. 29 of 2002

1. This Act may be cited as the Exchange of Information Act 2002 . Short title

2. In this Act Interpretation "foreign regulatory authority" means a statutory authority which, in a country or territory outside Saint Vincent and the Grenadines, exercises functions of a regulatory authority. "Minister" means the Minister responsible for finance ; "offshore entity" means any legal entity established pursuant to offshore legislation; "offshore legislation" includes the Offshore Finance Authority Act, the Registered Agent and Trustee Licencing Act, the International Trusts Act, the International Banks Act, the International Business Companies Act, the International .Insurance Act, the Mutual Funds Act, Regulations made under any of those Acts, and any other laws and regulations of the State relating to the provision of offshore financial services or relating to the regulation of entities formed in the State to render these services ; 232 No . 29 Exchange of Information 2002 "regulatory authority" means any authority specified in the Schedule Schedule to this Act; "regulatory functions" means the statutory functions of a regulatory authority. Matters to be 3 . (1) Subject to subsection (2), the powers conferred by section 4 considered in are exercisable by a regulatory authority for the purpose of assisting a relation to foreign regulatory authority which has requested assistance in connection request for with inquiries being carried out by it or on its behalf in respect of any assistance regulatory functions . (2) A regulatory authority shall not exercise the powers conferred by section 4 unless it is satisfied that (a) the assistance is necessary for the purpose of enabling or assisting a foreign regulatory authority in the exercise of its regulatory functions ; (b) the assistance requested by the foreign regulatory authority may be granted under any agreement to which Saint Vincent and the Grenadines and the foreign state requesting authority are parties ; (c) the foreign regulatory authority requesting the assistance has given a written undertaking to provide corresponding assistance to an authority exercising regulatory functions in Saint Vincent and the Grenadines ; (d) the nature and seriousness of the matter to which the inquiries relate and the importance to the inquiries of the information sought in Saint Vincent and the Grenadines warrant disclosure of the information ; (e) the assistance cannot be obtained by other means ; or (f) the relevant country or territory has enacted similar laws with relation to the exchange of information . (3) If there are public interest considerations in the giving of the assistance sought by the foreign regulatory authority, the regulatory authority must obtain written direction from the Attorney General before providing the information requested . (4) Where the regulatory authority requires a written undertaking from a foreign regulatory authority under subsection (2), the undertaking shall be in a form as the regulatory authority may determine . 233 No . 29 Exchange of Information 2002 (5) The regulatory authority may decline to exercise the powers conferred under section 4 unless the foreign regulatory authority undertakes in writing to make such contributions towards the cost of the exercise of those powers as a regulatory authority considers appropriate .

4 . (1) If in accordance with the requirements of section 3 a Powers of Regulatory Authority is satisfied that assistance should be provided with Regulatory respect to a request by a foreign regulatory authority, it may request in Authority to require writing any person information to be furnished (a) to furnish it with information with respect to any matter relevant to the inquiries to which the request relates ; (b) to produce any documents relevant to the inquiries to which the request relates ; or (c) to provide it with any assistance in relation to the inquiries to which the request relates as a regulatory authority may specify. (2) If a person fails to comply with a request issued under subsection (1) within three days from the date of the request or such longer period as a regulatory authority may permit, the Attorney General at the request of the regulatory authority may apply to a Judge in Chambers for an order requiring the person to comply with the request . (3) Notice of an application made pursuant to subsection (2) shall be served on the person against whom an order is sought and he shall be given an opportunity to be heard. (4) Where documents are produced pursuant to this section, a regulatory authority may take copies or extracts from them . (5) A person shall not under this section be required to disclose information or produce a document that he would be entitled to refuse to disclose or produce on grounds of legal professional privilege, except that a barrister or solicitor may be required to furnish the name and address of his client . (6) Where a person claims a lien on a document, its production under this section is without prejudice to his lien. (7) In this section, "document" includes information recorded in any form, and, in relation to information recorded otherwise than .in legible form, the power to require its production includes power to require the production of a copy of its legible form . 234 ,xchange of Information 2002 abject to subsection (2) information which t) is supplied by a foreign regulatory authority in connection with a request for assistance ; or >) is obtained by virtue of the exercise of powers under this Act ; sclosed by a regulatory authority or by any person who irmation directly or indirectly from it, without the .consent orn whom a regulatory authority obtained the information t, the person to whom it relates . iformation obtained in accordance with this Act may be pursuant to an order of a court of competent jurisdiction in Saint Vincent and the Grenadines ; ~) to the regulatory authority ; to a foreign regulatory authority ; l) to any person for the purpose of discharging any duty or exercising any power under this Act. o suit shall lie against a Regulatory Authority or any person authority for any thing done by him, in good faith, in the power or the performance of any function under this Act . person shall not be required to disclose any information document under this Act if to do so would expose him to an offence . person commits an offence if the person, fails to comply with an order of the court made pursuant to section 4 (2) ; or intentionally furnishes false information in purported compliance with any such direction or order. person commits an offence if the person mutilates, n any way destroys or does any thing to prevent the document, or does any thing to impede the provision of elation to any matter relevant to any inquiry being a matter request for assistance made by any foreign regulatory 235 No . 29 Exchange of Information 2002 (3) A person who contravenes section 5 commits an offence . (4) A person who commits an offence under this section is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of two years or both .

8 . The Minister may by order published in the Gazette, amend the Minister may schedule . amend schedule

9 . The Confidential Relationships Preservation (International Repeal Finance) Act is repealed. No . 17 of 1996 SCHEDULE [ Section 2 ] REGULATORY AUTHORITIES

1. The Attorney General

2. The Registrar of Companies

3. The Registrar of International Business Companies vJ

4. The Offshore Finance Authority a SILc 1.F

5. The Commissinncr . f ce I

6. The Commissioner of International Insurance

7. The Registrar of Insurance

8. The Registrar of International Trusts

9. The Registrar of Mutual Funds f4.~ `d Passed in the House of Assembly this 29th day of May, 2002 . NICOLE HERBERT Clerk of the House of Assembly (Ag.) Printed by the Government Printer at the Government Printing Office, Kingstown, St . Vincent and the Grenadines . 2002 [ Price $3 .00 ] i SAINT VINCENT AND THE GRENADINES EXCHANGE OF INFORMATION ACT, 2002 ARRANGEMENT OF SECTIONS SECTION

1. Short title

2. Interpretation

3. Matters to be considered in relation to request for assistance

4. Powers of Regulatory Authority to require information to be furnished

5. Restriction on the disclosure of information

6. Immunity from suit

7. Offences and penalties

8. Minister may amend schedule

9. Repeal of Confidential Relationships Preservation (International Finance) Act (No . 7• - of 1996) 1 !~ Schedule