(a) There is established the Virgin Islands Board of Public Accountancy within the Department of Licensing and Consumer Affairs. The Board consists of five members, all of whom must be residents of this Territory, appointed by the Governor, with the advice and consent of the Legislature. Two members shall reside on the island of St. Croix, two members shall reside on the island of St. Thomas and one member shall reside on the island of St. John. Members of the Board shall hold certified public accountant certificates issued under the laws of the Virgin Islands, must be in active practice as certified public accountants. However, whenever there are no certified public accountants in active practice available in the Virgin Islands in sufficient number to meet the foregoing requirements for constituting the Board, inactive certified public accountants who otherwise qualify may be appointed. Of the members first to be appointed to the Board, two shall hold office for one year, two for two years, and one for three years, from the effective date of this chapter. The Governor shall designate the term of each initial member. Their successors shall serve terms of three years. The Governor shall fill vacancies occurring during a term by appointment for the unexpired term. Upon the expiration of a member’s term of office, the member shall continue to serve until the member’s successor has been appointed and qualified. The Governor shall remove from the Board any member whose permit to practice has become void, revoked or suspended, and may, after hearing, remove any member of the Board for neglect of duty or other just cause.
(b) The Board shall elect annually, from among its members, a president, secretary, and treasurer. The Board may adopt, and amend from time to time, regulations for the orderly conduct of its affairs and for the administration of this chapter. A majority of the Board shall constitute a quorum for the transaction of business. The Board shall have a seal that must be judicially noticed. The Board shall keep records of its proceedings. In any proceeding in court, civil or criminal, arising out of or founded upon any provision of this chapter, copies of the records certified as correct under the seal of the Board are admissible in evidence as tending to prove the content of the records. The Board shall publish annually a register that must contain the names of all permittees to practice under this chapter, the names of the members of the Board and such other matters as may be considered proper by the Board. The Board may employ such personnel and arrange for such assistance as it may require for the performance of its duties.
(c) Members of the Board may be paid a stipend for the time spent in the discharge of official duties, and each member must be reimbursed for actual and necessary expenses incurred in the discharge of official duties.
(d) All fees and other monies received by the Board pursuant to this chapter other than fines collected under section 250g(a) must be kept in a separate fund in the Treasury of the Virgin Islands, and expended solely for the purposes of this chapter. No part of this special fund may revert to the general fund of the Government of the Virgin Islands. All expenses incurred under this chapter must be paid from this special fund. Expenses incurred under this chapter are not charges against the general fund of the Government of the Virgin Islands. The Board shall file an annual report of its activities with the Governor of the Virgin Islands, and such report must include a statement of all receipts and disbursements.
(e) The Board may contract with persons or agencies that are not employees or agencies of the Board to implement this chapter and to fulfill the responsibilities of the Board.
(f)
(1) The Board may take any action that is necessary and proper to effectuate the purposes of this chapter. The Board may:
(A) issue subpoenas to compel the attendance of witnesses and the production of documents; to administer oaths; to take testimony;
(B) cooperate with the PCAOB and the appropriate territorial and federal regulatory authorities having jurisdiction over the professional conduct in question in investigation and enforcement concerning violations of this chapter and comparable acts of other states; to cooperate in enforcement with appropriate foreign regulatory authorities in instances which have or may result in criminal conviction, loss of license or suspension, admonishment or censure;
(C) receive evidence concerning all matters within the scope of this chapter;
(D) invoke the aid of any court or other appropriate regulatory authority in case of disobedience to a subpoena requiring the attendance and testimony of witnesses and the production of documentary evidence.
(2) For purposes of this subsection, “appropriate foreign regulatory authorities” are those foreign authorities granting substantially equivalent foreign designations in accordance with section 250c(g) of this chapter.
(g) The Board, its members, and its agents are immune from personal liability for actions taken in good faith in the discharge of the Board’s responsibilities, and the Territory shall hold the Board, its members, and its agents harmless from all costs, damages, and attorneys’ fees arising from claims and suits against them with respect to matters to which such immunity applies.
(h) The Board may adopt rules governing its administration and enforcement of this chapter and the conduct of licensees, including but not limited to rules governing:
(1) Board meetings and the conduct of its business;
(2) Procedures for the conduct of investigations and hearings by the Board;
(3) Educational and experience requirements and other qualifications required for the issuance of certificates under section 250c of this chapter and the continuing professional education required for renewal of certificates under section 250c(d);
(4) Professional conduct directed to controlling the quality and probity of services by licensees, and dealing among other things with independence, integrity, and objectivity; competence and technical standards; responsibilities to the public; and responsibilities to clients;
(5) The professional standards applicable to licensees;
(6) The manner and circumstances of use of the titles “certified public accountant” and “CPA”;
(7) Peer review that may be required to be performed under provisions of this chapter;
(8) Rules on substantial equivalence to implement section 250q; and
(9) Such other matters the Board may consider necessary or appropriate for implementing the provisions and the purposes of this chapter.
(i) Records, papers, and other documents containing information collected or compiled by the Board, its members, employees, contractors or agents, including its legal counsel, as a result of a complaint, investigation, inquiry, or interview in connection with an application for examination, certification, or registration, or in connection with a permittee’s professional ethics and conduct, are not public records within the meaning of this Territory’s public records laws. Additionally, any record, paper, or other document received by the Board as a result of a self-reporting requirement are not public records within the meaning of this Territory’s public records laws. When any such record, paper, or other document is admitted into evidence in a hearing held by the Board, it then becomes a public record within the meaning of this Territory’s public records laws. However, upon a showing of good cause, the administrative law judge at such a hearing may order that confidential or privileged information be redacted or admitted under seal.
(1) Notwithstanding any other provision of this chapter, information protected by this confidentiality provision may not be disclosed to other authorities unless the recipient confirms in writing that it shall assure preservation of confidentiality and the permittee has been given reasonable notice that the information will be provided to another entity.
(2) Notwithstanding any contrary provision in the Territory’s public records law, disclosure of records is not considered public disclosure and does not deprive such records of their confidential status, when the disclosure is to:
(A) law enforcement and regulatory authorities and, only to the extent considered necessary to conduct an investigation;
(B) the subject of the investigation;
(C) persons whose complaints are being investigated; or
(D) witnesses questioned in the course of investigation, as provided in section 250h(a).
(3) Nothing in this subsection may be construed as a waiver of any privilege, such as attorney-client privilege, which may also apply to any records covered by this subsection.
(4) Nothing in this subsection confers confidential status on any record collected under this subsection which was a public record when collected or thereafter becomes a public record through other lawful means.