Banking Appeal Tribunal Regulations 2001

Summary

These Regulations, made under section 33(2) of the Banks and Deposit Companies Act 1999, establish the Banking Appeal Tribunal and set out the procedure for appeals against decisions of the Bermuda Monetary Authority (the Authority) relating to banking licences, restrictions, and shareholder controller objections. They cover how appeals are brought, how the tribunal is constituted, evidence and hearing procedure, costs, and consolidation of related appeals.

• Who can appeal: Persons or institutions entitled under the Act to appeal a decision or finding of the Authority, including authorised institutions and individuals found not fit and proper or required to be removed as director, controller or senior executive.
• Time limits to appeal: Notice of appeal must be sent to the tribunal secretary within strict time limits depending on the type of decision (licence revocation, urgent restriction, or other decisions).
• Grounds of appeal: A separate notice setting out detailed grounds of appeal must follow within a further short period, with provision to withhold confidential or commercially sensitive material via a supplementary notice.
• Authority's disclosure duty: The Authority must supply the tribunal and the appellant with copies of specified documents (listed in the Schedule) within a set period after receiving the notice of appeal.
• Tribunal process: Regulations govern establishment of the tribunal panel, preliminary hearings, interim relief applications, evidence-gathering powers, hearing procedure (in private), withdrawal of appeals, costs taxation, and consolidation of related appeals.

The Regulations are procedural in nature, primarily binding on the Authority and appellants (institutions or individuals) engaged in a banking licence appeal, rather than imposing ongoing compliance obligations on the wider banking industry.

Key obligations

• An appellant must send a notice of appeal to the tribunal secretary within 10 days of the Authority's written notice of a decision to revoke a licence.
• An appellant must send a notice of appeal within 28 days from the Authority's imposition or variation of a restriction as a matter of urgency, or 10 days from the Authority's written notice under section 21(7) of the Act, whichever is later.
• An appellant must send a notice of appeal within 28 days of the Authority's written notice of decision in any other case.
• The appellant must send a copy of the notice of appeal forthwith to the Authority and any other relevant persons upon filing.
• The appellant must send a notice setting out the grounds of appeal within 28 days of the Authority's notice of decision (licence revocation cases) or within 14 days of serving the notice of appeal (other cases).
• Where confidential or commercially sensitive information is omitted from grounds of appeal, the appellant must submit a notice of supplementary grounds of appeal with a written explanation for the omission at the same time.
• The Authority must send the tribunal secretary and appellant copies of the documents listed in the Schedule within 14 days of receiving the copy of the notice of appeal.
• The tribunal secretary must notify parties of the preliminary hearing, which (absent agreement or urgency direction) must be held not earlier than 5 days after the notice is sent and not earlier than 21 days nor later than 35 days after receipt of the notice of appeal.
• Costs directed to be paid under section 33(1) of the Act that require taxation must be taxed by the Registrar of the Supreme Court.

Applies to

authorised institutions (banks and deposit companies), appellants (individuals or institutions appealing a decision of the Authority), Bermuda Monetary Authority

Deadlines

• 10 days from the date on which the Authority serves notice in writing of its decision to revoke a licence: Deadline to send notice of appeal in licence revocation cases
• 28 days from the date on which the Authority imposes or varies a restriction as a matter of urgency: Deadline to send notice of appeal for urgent restriction decisions (alternative limb)
• 10 days from the date on which the Authority gives written notice under section 21(7) of the Act: Deadline to send notice of appeal for urgent restriction decisions (alternative limb), whichever later
• 28 days from the date on which the Authority serves notice in writing of its decision: Deadline to send notice of appeal in any other case
• 28 days from the date on which the Authority served notice in writing of its decision: Deadline to send notice of grounds of appeal in licence revocation cases
• 14 days of serving the notice of appeal: Deadline to send notice of grounds of appeal in other cases
• 14 days of receiving the copy of the notice of appeal: Deadline for the Authority to send required documents (per the Schedule) to the secretary and appellant
• not earlier than 5 days after the date the preliminary hearing notice is sent, and not earlier than 21 days nor later than 35 days after receipt of the notice of appeal: Window for scheduling the preliminary hearing

Related documents

• This document is made under Banks and Deposit Companies Act 1999
• Banks and Deposit Companies Amendment Act 2012 (Bill) amends this document