Notice - Investment Funds Appeal Tribunal Regulations 2012

Summary

This is a 2012 BMA/Ministry of Finance notice attaching a draft set of Regulations that would create an Investment Funds Appeal Tribunal under section 55 of the Investment Funds Act 2006. It explains who can appeal BMA decisions to the Tribunal and invites public comment on the draft before the Regulations are made.

• Who may appeal: Fund operators (over revocation, refusal to revoke, or variation of authorisation/directions), service providers subject to a direction, licensed fund administrators (over directions or licence revocation), and controllers/officers removed as a result of a direction, plus persons served a notice of objection under section 45B/45C.
• Draft procedure covered: The draft Regulations set out time limits and manner for filing a notice of appeal, filing grounds of appeal, BMA's disclosure and response obligations, preliminary hearings, interim relief, amendment of grounds, evidence, costs and consolidation of appeals.
• Consultation process: The Regulations are subject to negative resolution procedure and have been reviewed by the Attorney General's Chambers; the Ministry of Finance proposed to make them by the end of October 2012 after considering comments.

Because this document is a consultation notice with an attached draft, the procedural time limits described (for filing appeals, grounds, disclosure and responses) are proposed rules that would take effect once the Regulations are made, not yet-binding obligations at the time of the notice.

Key obligations

• Comments on the draft Regulations must be sent to policy@bma.bm by 15th October 2012
• Once in force, an appellant must file a notice of appeal with the Tribunal Secretary within 10 or 28 days (depending on the type of Authority decision) of the relevant decision
• Once in force, an appellant must file a notice setting out the grounds of appeal within 14 days from the date of filing the notice of appeal
• Once in force, the Authority must file with the secretary the documents listed in the Schedule within 14 days of being served a copy of a notice of appeal
• Once in force, the Authority must file a response to the grounds of appeal within 28 days of being served a copy of the notice of grounds of appeal

Applies to

operators of authorised funds, licensed fund administrators, service providers to funds, controllers or officers of licensed fund administrators, persons served a notice of objection under the Investment Funds Act

Deadlines

• 15th October 2012: Deadline for submitting comments on the draft Investment Funds Appeal Tribunal Regulations 2012 to policy@bma.bm
• end of October 2012: Date by which the Ministry of Finance proposed to make the Regulations
• 10 days from the Authority's decision: Time limit to file a notice of appeal for decisions to revoke authorisation (section 27) or refuse to revoke authorisation (section 29(3)), or to revoke a fund administrator's licence (section 52)
• 28 days from the Authority's decision or direction: Time limit to file a notice of appeal for directions or variations under sections 30(4), 30(5), 32(2), 51, or notices of objection under 45B/45C
• 14 days from filing the notice of appeal: Time limit for the appellant to file the notice of grounds of appeal
• 14 days of being served a copy of a notice of appeal: Time limit for the Authority to file Schedule documents with the secretary
• 28 days of being served a copy of the notice of grounds of appeal: Time limit for the Authority to file its response