Investment Business Appeal Tribunal Regulations 2004

Summary

These Regulations establish the procedural rules for the Investment Business Appeal Tribunal, which hears appeals against decisions of the Bermuda Monetary Authority under the Investment Business Act 2003. They set out strict time limits and procedural steps for appellants (typically licensed investment providers or persons affected by BMA decisions) bringing and conducting an appeal, and for the Authority responding to it.

• Bringing an appeal: Notice of appeal must be sent to the tribunal secretary within 10 days (licence revocation decisions), 28 days (urgent restriction imposed) or 10 days (urgent restriction decision notice), whichever is later, or 28 days in any other case, from the date the Authority's decision notice is given.
• Notice content and service: The notice of appeal must include the appellant's name, address, representative details and a statement of the decision appealed, and a copy must be sent immediately to the Authority and other relevant parties.
• Grounds of appeal: The appellant must send grounds of appeal within 28 days (licence revocation cases) or 14 days (other cases) of serving the notice of appeal, with particulars showing why the decision was unlawful or unjustified by the evidence.
• Authority's document disclosure: The Authority must send the tribunal secretary four copies of the documents listed in the Schedule, and supply copies to the appellant, within 14 days of receiving the notice of appeal.
• Preliminary hearing timing: Unless parties agree otherwise, the preliminary hearing must be held not earlier than 5 days after notice is sent and not earlier than 21 days nor later than 35 days after receipt of the notice of appeal, unless the chairman directs otherwise on urgency grounds.
• Interim relief and evidence: The tribunal may determine applications for interim relief on written representations or by hearing, and the chairman may direct parties to produce documents or attend to give evidence, subject to confidentiality safeguards.
• Costs and enforcement: Costs directed to be paid under section 36(1) of the Act, if requiring taxation, are taxed by the Registrar of the Supreme Court and are enforceable as a Supreme Court judgment.
• Withdrawal and consolidation: Appeals may be withdrawn by written notice before or at the hearing, and the chairman may direct that related appeals be consolidated after giving parties an opportunity to object.

The Schedule specifies the particular documents (warning notices, decision notices, written representations) the Authority must supply to the tribunal depending on the type of decision under appeal, such as licence revocation, imposition of civil penalties, shareholder controller objections, publication of statements, or prohibition orders.

Key obligations

• An appellant must send a notice of appeal to the tribunal secretary within the prescribed time limit (10 or 28 days depending on the type of decision appealed) from the date the Authority's decision notice is given.
• The notice of appeal must contain specified particulars (appellant's name, address, representative, and statement of the decision or finding appealed) and be copied immediately to the Authority and other relevant parties.
• The appellant must send a notice of grounds of appeal to the secretary within 28 days (licence revocation) or 14 days (other cases) of serving the notice of appeal.
• Within 14 days of receiving the copy of the notice of appeal, the Authority must send the secretary four copies of the Schedule documents and supply copies (or a list) to the appellant and, where relevant, the investment provider concerned.
• The tribunal must notify its determination and reasons to the appellant and the Authority after the close of the hearing.
• Any costs directed to be paid and requiring taxation must be taxed by the Registrar of the Supreme Court.
• An appellant withdrawing an appeal must give written notice to the Authority and the secretary.

Applies to

licensed investment providers, appellants under the Investment Business Act 2003, shareholder controllers or controllers of authorised institutions, the Bermuda Monetary Authority (as respondent)

Deadlines

• 10 days from the date the Authority gives a decision notice: Time to appeal a decision to revoke a licence.
• 28 days from the date the Authority imposes or varies an urgent restriction: Time to appeal an urgent restriction decision (or 10 days from the section 23(7) notice, whichever is later).
• 28 days from the date the Authority gives a decision notice: Time to appeal in any other case not otherwise specified.
• 28 days from service of the decision notice (licence revocation) or 14 days from serving the notice of appeal (other cases): Deadline for sending the notice of grounds of appeal.
• 14 days of receiving the copy of the notice of appeal: Deadline for the Authority to send required documents to the tribunal secretary and appellant.
• not earlier than 5 days after notice sent, and not earlier than 21 days nor later than 35 days after receipt of the notice of appeal: Timing window for the preliminary hearing, absent agreement or urgency direction.

Related documents

• This document amends Investment Business Act 2003
• This document is made under Investment Business Act 2003
• A Bill entitled Investment Business Amendment Act 2012 amends this document