Investment Funds Appeal Tribunal Regulations 2012

Summary

These Regulations set out the procedure for the Investment Funds Appeal Tribunal, which hears appeals against decisions of the Bermuda Monetary Authority under the Investment Funds Act 2006. They apply to operators of authorised funds, service providers, licensed fund administrators, and controllers or officers of licensed fund administrators who wish to challenge specified Authority decisions, such as revocation of a fund's authorisation, directions to cease activities, or removal of a controller or officer.

• Bringing an appeal: An appeal is started by filing a notice of appeal with the Tribunal Secretary within strict time limits (10 or 28 days depending on the type of decision appealed), and serving a copy on the Authority and other specified persons.
• Grounds of appeal: The appellant must file a notice of grounds of appeal within 14 days of filing the notice of appeal, with sufficient particulars of the case, and may file supplementary grounds containing confidential or commercially sensitive information.
• Authority's disclosure and response: The Authority must file the documents listed in the Schedule within 14 days of being served the notice of appeal, and must file a response to the grounds of appeal within 28 days of being served the notice of grounds of appeal.
• Preliminary hearing and interim relief: A preliminary hearing is convened within set timeframes after the Authority's response to give directions and set the hearing date; appellants may apply for interim relief to suspend a direction pending determination of the appeal.
• Hearing procedure: The Regulations govern evidence gathering, private hearings, amendment of grounds or responses, withdrawal of appeals, costs, service of documents, and consolidation of multiple appeals.

The Schedule specifies the categories of documents the Authority must file with the Tribunal secretary for each type of appeal, such as copies of the underlying decision or direction and any representations made by the affected party.

Key obligations

• An appellant appealing revocation of a fund's authorisation, or refusal to revoke authorisation, must file a notice of appeal not later than 10 days from the date of the Authority's decision.
• An appellant appealing certain directions (e.g. to cease communicating invitations, cease issue or redemption of units, variation or refusal to vary a direction, licensed fund administrator directions, removal of controller/officer, or notice of objection) must file a notice of appeal not later than 28 days from the relevant Authority decision.
• An appellant must serve a copy of the notice of appeal on the Authority and other specified persons (operator, licensed fund administrator) when filing.
• A notice of appeal must be signed and contain the appellant's name, address, representative details, and a statement of the Authority decision being appealed.
• The appellant must file a notice of grounds of appeal with the secretary within 14 days of filing the notice of appeal, and serve copies on the Authority and other relevant parties.
• Where confidential or commercially sensitive information is omitted from the grounds of appeal, the appellant must file a notice of supplementary grounds of appeal at the same time as the notice of grounds of appeal.
• The Authority must file with the secretary the documents listed in the Schedule, and serve a list or copies of those documents on the appellant and other concerned persons, within 14 days of being served the notice of appeal.
• The Authority must file a response to the notice of grounds of appeal within 28 days of being served that notice, and serve a copy on the appellant and other relevant parties.
• The chairman must serve notice of the preliminary hearing not earlier than 21 days and not later than 35 days after receipt of the Authority's response, and not less than 10 days before the hearing date.
• An appellant seeking interim relief must apply to the secretary for the Tribunal to suspend operation of a direction pending determination of the appeal.

Applies to

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

Deadlines

• 10 days from the date of the Authority's decision to revoke authorisation (section 27): Deadline for operator's notice of appeal under section 55(1)(a)
• 10 days from the date of the Authority's refusal to revoke authorisation (section 29(3)): Deadline for operator's notice of appeal under section 55(1)(b)
• 28 days from the date of a direction under section 30(4): Deadline for operator's notice of appeal under section 55(1)(c)
• 28 days from the date of variation of a direction under section 30(5): Deadline for operator's notice of appeal under section 55(1)(d)
• 28 days from the date of refusal to revoke or vary a direction under section 32(2): Deadline for operator's notice of appeal under section 55(1)(e)
• 28 days from the date of revocation or direction under section 27 or 30(4): Deadline for service provider's notice of appeal under section 55(2)
• 28 days from the date of a written direction under section 51: Deadline for licensed fund administrator's notice of appeal under section 55(3)(a)
• 10 days from the date of licence revocation under section 52: Deadline for licensed fund administrator's notice of appeal under section 55(3)(b)
• 28 days from the date of a written direction under section 51 requiring removal: Deadline for controller or officer's notice of appeal under section 55(4)
• 28 days from the date the Authority serves a notice of objection: Deadline for a person's notice of appeal under section 55(4A)
• 14 days from filing the notice of appeal: Deadline for appellant to file notice of grounds of appeal
• 14 days of being served a copy of the notice of appeal: Deadline for the Authority to file Schedule disclosure documents with the secretary
• 28 days of being served a copy of the notice of grounds of appeal: Deadline for the Authority to file its response
• not earlier than 21 days and not later than 35 days after receipt of the Authority's response, and not less than 10 days before the hearing: Timing for service of notice of the preliminary hearing

Related documents

• This document is made under Investment Funds Act 2006