Financial Services Commission (Amendment) Act, 2023

Summary

This Act amends the Financial Services Commission Act, Revised Edition 2020, by inserting a new section 33G dealing with feedback on international regulatory assistance. It does not create obligations for licensees or the public generally, but governs how the BVI Financial Services Commission interacts with foreign regulatory and competent authorities when giving or receiving cross-border assistance.

• Feedback when assistance is received by the Commission: Where a foreign regulatory authority, competent authority or other person makes a written request in relation to assistance it provided to the Commission, the Commission must provide timely feedback on the use and usefulness of that assistance.
• Feedback when assistance is provided by the Commission: Where the Commission provides assistance to a foreign regulatory authority, competent authority or other person on their written request, the Commission may in writing ask that authority or person to provide timely feedback on the use and usefulness of the assistance provided.
• Scope of assistance: Assistance provided or received by the Commission is defined to include the provision or receipt of information, documents or other material in any form.
• Commencement: The Act comes into force on a date to be appointed by the Minister by notice published in the Gazette, rather than on a fixed date.

Key obligations

• The Commission must provide timely feedback to a foreign regulatory authority, competent authority or other person on the use and usefulness of assistance that authority or person provided to the Commission, upon their written request.
• The Commission may request, in writing, that a foreign regulatory authority, competent authority or other person to whom it provided assistance give timely feedback on the use and usefulness of that assistance.

Applies to

Financial Services Commission, foreign regulatory authorities, competent authorities

Deadlines

• date appointed by the Minister by Gazette notice: Commencement of the Financial Services Commission (Amendment) Act, 2023

Related documents

• This document amends Financial Services Commission Act (Revised Edition 2020)