Trust Business Appeal Tribunal Regulations 2004

Summary

These regulations set out the procedural rules for the Trust Business Appeal Tribunal, which hears appeals against decisions of the Bermuda Monetary Authority (the Authority) made under the Trusts (Regulation of Trust Business) Act 2001. They govern how an appeal is started, how the tribunal is constituted, evidence and hearing procedure, costs, and the documents the Authority must supply.

• Bringing an appeal: A notice of appeal must be sent to the tribunal secretary within strict time limits depending on the type of decision being appealed (licence revocation, urgent restriction, or other decisions).
• Notice content: The notice of appeal must include the appellant's name and address, an address for service in Bermuda, details of any representative, and a statement of the decision or finding being appealed, and must be copied to the Authority and other relevant parties.
• Grounds of appeal: The appellant must separately file a notice setting out the grounds of appeal within a further specified period, explaining why the decision was unlawful or unjustified by the evidence.
• Authority's disclosure duty: Within 14 days of receiving the notice of appeal, the Authority must send the tribunal secretary copies of the documents listed in the Schedule and provide the appellant with a list and copies of relevant documents.
• Preliminary hearing and procedure: The tribunal secretary must arrange a preliminary hearing within set time windows, and the chairman gives directions on the conduct of the appeal, evidence, interim relief, and possible consolidation of appeals.
• Outcome and costs: The tribunal must notify its determination and reasons to the appellant and the Authority, may publish its decision subject to confidentiality safeguards, and may direct payment of costs, which can be taxed by the Registrar of the Supreme Court.

The regulations are purely procedural and apply to any person or licensed undertaking exercising a statutory right of appeal against an Authority decision under the Trusts Act, and to the Authority itself as respondent in every appeal.

Key obligations

• An appellant must send a notice of appeal to the tribunal secretary within 10 days of a licence revocation decision notice, or 28 days (or 10 days from a section 19(7) notice, whichever is later) for urgent restriction decisions, or 28 days for any other decision notice.
• Upon sending the notice of appeal, the appellant must forthwith send a copy to the Authority and any other required persons or the undertaking concerned.
• The notice of appeal must contain the appellant's name, address, an address for service in Bermuda, details of any representative, and a statement of the decision or finding appealed against.
• The appellant must send a notice of grounds of appeal to the secretary within 28 days (licence revocation cases) or 14 days (other cases) of the relevant notice, and copy it to the same parties notified under regulation 4(2).
• Where information is omitted from grounds of appeal as confidential, the appellant must submit a notice of supplementary grounds of appeal with written reasons at the same time as the main grounds notice.
• Within 14 days of receiving the copy of the notice of appeal, the Authority must send the tribunal secretary four copies of the Schedule documents and supply the appellant (and, where relevant, the undertaking concerned) with a list and copies of those documents.
• Parties must comply with tribunal/chairman directions on evidence, document production, and hearing procedure, subject to confidentiality safeguards.
• Any party directed to pay costs or expenses must have those costs taxed by the Registrar of the Supreme Court if required, and directions for payment are enforceable as a Supreme Court judgment.
• An appellant withdrawing an appeal must give written notice to the Authority and the secretary before the hearing, or notify the tribunal at the hearing.

Applies to

licensed trust businesses/undertakings under the Trusts (Regulation of Trust Business) Act 2001, appellants against Authority decisions (including shareholder controllers and controllers of licensed undertakings), the Bermuda Monetary Authority (as respondent)

Deadlines

• 10 days from the date on which the Authority gives a decision notice to the appellant: Time to file notice of appeal against a decision to revoke a licence.
• 28 days from the date the Authority imposes or varies a restriction by written notice under section 19(2), or 10 days from written notice under section 19(7), whichever is later: Time to file notice of appeal against an urgent restriction decision.
• 28 days from the date on which the Authority gives a decision notice to the appellant: Time to file notice of appeal in any other case.
• 28 days from the date the Authority served notice of its decision to revoke a licence: Time to file notice of grounds of appeal in licence revocation cases.
• 14 days of serving the notice of appeal: Time to file notice of grounds of appeal in other cases.
• 14 days of receiving the copy of the notice of appeal: Time for the Authority to send the Schedule documents to the tribunal secretary and appellant.
• 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 (unless urgency directed): Window for holding the preliminary hearing.
• 19 September 2012: Effective date of amendments to regulation 3 and the Schedule made by 2012 : 38 s.16.

Related documents

• This document is made under Trusts (Regulation of Trust Business) Act 2001
• A Bill entitled Trusts (Regulation of Trust Business) Amendment Act 2012 amends this document
• Trusts (Regulation of Trust Business) Amendment Act 2012 (Bill, 2012-04-23) amends this document