Notice - Credit Unions Appeal Tribunal Regulations 2012 (2012-10-15)

Summary

This is a Bermuda Monetary Authority (BMA) notice, dated 15 October 2012, consulting on draft Credit Unions Appeal Tribunal Regulations 2012, made under the Credit Unions Act 2010. The draft Regulations establish the procedure for an appeal tribunal that hears appeals by credit unions or other affected persons against certain BMA decisions under section 22 of the Act. The notice also references a related draft form of credit union licence (under proposed Credit Unions (Forms) Regulations 2012) that credit unions would be required to display.

• Scope of appealable decisions: A credit union or other relevant person may appeal to the Tribunal where the Authority has restricted, varied a restriction on, or revoked a credit union's licence, or made a decision requiring removal of a CEO or senior executive officer.
• Appeal procedure: The draft Regulations set out how a notice of appeal is filed with the Tribunal Secretary, how grounds of appeal (including supplementary confidential grounds) are filed, how the Authority must disclose documents and file a response, and how preliminary hearings, evidence, interim relief, withdrawal, costs and consolidation of appeals are handled.
• Comment period: The Ministry of Finance and BMA invite comments on the draft Regulations, with the Ministry intending to make the Regulations by the end of October 2012.
• Licence form: A related draft form of credit union licence is proposed, which credit unions would be required to display in accordance with section 10 of the Credit Unions Act 2010.

As a consultation notice attaching draft (not yet enacted) regulations, this document is informational for now: it signals upcoming procedural rules and invites stakeholder input rather than imposing final binding obligations. Once made, the Regulations would impose the filing and procedural deadlines described above on credit unions, appellants and the Authority.

Key obligations

• Persons wishing to comment on the draft Credit Unions Appeal Tribunal Regulations 2012 must send comments to policy@bma.bm by 31 October 2012
• Once in force, a credit union appealing a licence restriction or revocation decision must file a notice of appeal with the Tribunal Secretary within 10 days of the Authority's decision
• Once in force, a person appealing a decision under section 22(2)(a) or (b) (including removal of a CEO or senior executive officer) must file a notice of appeal within 28 days of the Authority's decision
• Once in force, an appellant must file a notice setting out the grounds of appeal with the secretary within 14 days of filing the notice of appeal
• Once in force, the Authority must file required disclosure documents with the secretary within 14 days of being served a copy of a notice of appeal
• Once in force, the Authority must file its response to the grounds of appeal with the secretary within 28 days of being served a copy of the notice of grounds of appeal
• Once made, credit unions will be required to display the prescribed credit union licence in accordance with section 10 of the Credit Unions Act 2010

Applies to

credit unions, persons aggrieved by Authority decisions (including chief executive officers, senior executive officers and directors of credit unions)

Deadlines

• 31st October 2012: Deadline for submitting comments on the draft Credit Unions Appeal Tribunal Regulations 2012 to policy@bma.bm
• end of October 2012: Target date by which the Ministry of Finance proposes to make the Regulations
• 10 days from the Authority's decision: Proposed deadline for a credit union to file a notice of appeal against a licence restriction or revocation decision under section 22(1)(a) or (b)
• 28 days from the Authority's decision: Proposed deadline for a person to file a notice of appeal under section 22(2)(a) or (b), including removal decisions
• 14 days from filing the notice of appeal: Proposed deadline for the appellant to file a notice setting out the grounds of appeal
• 14 days of being served a copy of a notice of appeal: Proposed deadline for the Authority to file required disclosure documents with the secretary
• 28 days of being served a copy of the notice of grounds of appeal: Proposed deadline for the Authority to file its response with the secretary