Financial Services Appeal Board Act (Revised 2020)

Summary

This Act establishes the Financial Services Appeal Board, an independent tribunal that hears appeals against decisions, acts or omissions of the BVI Financial Services Commission made under the Financial Services Commission Act or any financial services legislation. It sets out the Board's composition, appointment and conduct rules for members, the appeal filing process, hearing procedures, and the fees payable for various steps in an appeal.

• Who can appeal: Any person aggrieved by a decision of the Commission taken under the Financial Services Commission Act or financial services legislation may appeal, subject to exclusions (e.g. refusals to grant licences, resolution decisions, disproportionality of penalties, or matters designated non-appealable).
• Filing deadline: A notice of appeal must be filed with the Board within 30 days from the date of the Commission's decision, and must comply with the Act and the Rules of Procedure (Schedule 2) to be properly filed.
• No automatic stay: Filing an appeal does not stay or suspend the Commission's decision.
• Board composition and conduct: The Board comprises a Chairman and legal practitioner (each with 10+ years' experience) and five other Cabinet-appointed members; members must not be connected to the Commission or financial services businesses, must disclose disqualifications and conflicts of interest, and must recuse themselves from appeals where they have an interest.
• Hearing procedure: Appeals are heard by a panel of at least three members (including one legal practitioner), with regard to the Commission's evidentiary record, written decision and reasons, and submissions from both the appellant and the Commission.
• Fees (Schedule 3): Fixed USD fees apply for appeal-related filings, including USD 200 to file a notice of appeal, USD 100 to file a reply, USD 100 per additional document filing, USD 150 to amend a notice of appeal or reply, USD 120 for a restricted disclosure application, USD 50 to withdraw an appeal, and USD 50 for any other Board service.
• Administrative duties: The Board must maintain a register of appeals, issue practice directions where needed, and produce annual reports; the Secretary to the Board is responsible for receiving and processing notices of appeal and complaints.

The Act is a consolidated, revised edition (as at 1 January 2020) of Act 9 of 2016, which entered into force on 1 July 2016 and remains in force.

Key obligations

• A person aggrieved by a Commission decision must file a notice of appeal to the Board within 30 days from the date of the decision.
• A notice of appeal must comply with the Act and the Rules of Procedure (Schedule 2) to be considered properly filed.
• Board members must declare any direct or indirect personal, professional, business or pecuniary interest in an appeal to the Secretary and recuse themselves from that appeal.
• A member who becomes disqualified after appointment must immediately notify the Minister in writing of the disqualification and the date they became aware of it.
• Members must pay the applicable fee set out in Schedule 3 for filing a notice of appeal, reply, additional documents, amendments, restricted-disclosure applications, or withdrawal of appeal.
• The Cabinet must publish in the Gazette, with reasons, any removal of a Board member.
• The Board must advise the Minister of every written complaint received and how it was handled.
• The Secretary must ensure notices of appeal comply with the Act and rules and must transmit responses and correspondence to parties.

Applies to

persons regulated by or subject to decisions of the Financial Services Commission, licensees under financial services legislation, appellants before the Financial Services Appeal Board, members of the Financial Services Appeal Board, the Financial Services Commission

Deadlines

• within 30 days from the date of the decision: Deadline for an aggrieved person to file a notice of appeal against a Commission decision.
• 1 July 2016: Commencement date of the Financial Services Appeal Board Act (Act 9 of 2016).