BVI International Arbitration Centre (Functions and Procedures of the Board) Order, 2016

Summary

This Order, made under section 95(2) of the Arbitration Act, 2013, sets out the functions and internal procedures of the Board of the BVI International Arbitration Centre (BVI IAC). It is an internal governance instrument rather than a rule imposing duties on regulated financial services entities.

• Functions of the Board: Provide strategic direction for the BVI IAC, make rules under the Act, appoint the CEO and Deputy Chairman, approve budgets, accounts, staffing and policies, advise and report to Cabinet on arbitration development, and recommend legislative amendments.
• Independence: Board members must act independently and professionally, free from direction or control by any other person or authority, in line with the Act's objectives.
• Meetings: The Board must meet at least once every quarter; the Chairman (or Deputy Chairman) presides, and meetings may be held by video or telephone conference.
• Quorum and decisions: A quorum of three members is required; decisions are by majority vote with the Chairman or presiding Deputy Chairman holding a casting vote, unless a member other than the Chairman/Deputy Chairman presides, in which case decisions must be unanimous.
• Special meetings: A special meeting must be convened, on requisition signed by at least three members with stated reasons, and held no later than fourteen days after receipt of the requisition.
• Other procedural rules: A vacancy or defect in appointment does not invalidate Board actions, and the Board may invite qualified persons to attend meetings for assistance, though such persons cannot vote.

The Order primarily governs the Board's own operations and record-keeping obligations for the BVI IAC rather than creating compliance requirements for licensees or the public.

Key obligations

• The Board must meet at least once every quarter at a place and time designated by the Chairman
• The Board must convene a special meeting within fourteen days of receiving a valid requisition signed by at least three members
• The Board must ensure proper books of account of income, receipts and expenditure are kept sufficient to allow financial statements to be prepared and audited
• The Board must approve the BVI IAC's budget, annual work plan and accounts
• The Board must advise Cabinet on adoption of future amendments to the UNCITRAL Model Law

Applies to

BVI International Arbitration Centre, Board of the BVI IAC

Deadlines

• at least once every quarter: Required frequency of Board meetings
• not later than fourteen days after receipt of the requisition: Deadline for holding a special meeting of the Board once a valid requisition is received