6.1. Appointment of Commissioner for Innovation etc.

6.1.1.     The office of Commissioner for Innovation is established within the framework of the AIFCA.

6.1.2.     The Board of Directors of the AIFCA must appoint an individual who is appropriately experienced and qualified as the Commissioner for Innovation and may dismiss the person from office for incapacity (other than temporary incapacity), misbehaviour or other proper cause.

6.1.3.     The Board of Directors of the AIFCA must consult with the Governor before appointing, reappointing or dismissing the Commissioner for Innovation.

6.1.4.     The Commissioner for Innovation is appointed for the period (not longer than 3 years) decided by the Board of Directors of the AIFCA and may be reappointed for periods (not longer than 3 years at a time) decided by the Board of Directors of the AIFCA.

6.2. Commissioner for Innovation must act independently

The Commissioner for Innovation must act in an independent way in exercising his functions.

6.3. Functions of Commissioner for Innovation

6.3.1.     The Commissioner for Innovation must pursue the following objectives in exercising his functions:

(a)             to promote good practices and observance of the requirements of these Rules, particularly by Venture Studios, Venture Studio Companies;

(b)            to administer these Rules effectively and transparently;

(c)             to prevent, detect and restrain conduct that is, or may be, in contravention of these Rules;

(d)            to promote greater awareness and understanding of these Rules.

6.3.2.     Without limiting subrule 6.3.1, the functions of the Commissioner for Innovation include the following:

(a)             issuing warnings or admonishments, and making recommendations; 

(b)            preparing and adopting non-binding guidance for AIFC Participants, and advising the AIFC Participants of any guidance adopted by the Commissioner for Innovation;

(c)             issuing or prescribing forms to be used for these Rules;

(d)            issuing or prescribing procedures and requirements relating to these Rules;

(e)             exercising any function delegated to the Commissioner for Innovation under these Rules.

6.3.3.     The Commissioner for Innovation may do anything the Commissioner for Innovation considers necessary or desirable to be done for or in connection with, or reasonably incidental to, the exercise of the functions of the Commissioner for Innovation.

6.3.4.     The Commissioner for Innovation, any member of the AIFCA’s staff, and any other delegate or agent of the Commissioner for Innovation is not liable for anything done or omitted to be done in the exercise or purported exercise of the functions of the Commissioner for Innovation (including any Function delegated to the Commissioner).

6.3.5.     Subrule 6.3.4 does not apply to an act or omission if the act or omission is shown to have been in bad faith.

6.4. Delegation by Commissioner for Innovation

The Commissioner for Innovation may delegate any of his functions under these Rules:

(a)            to a member of the AIFCA’s staff; or

(b)            with the approval of the Board of Directors of the AIFCA, to any other Person.

6.5. General power of the Commissioner for Innovation to obtain information

6.5.1.     The Commissioner for Innovation may in Writing require a Person, or any director, officer, partner, employee or agent of an AIFC Participant, to give specified information, produce specified Documents, or ensure that specified information or Documents are given or produced, to the Commissioner for Innovation. A Person given a notice under this subrule must comply with the requirement within the time specified in the notice.

6.5.2.     Information or a Document given, produced or obtained because of the exercise by the Commissioner for Innovation of powers under subrule 6.5.1. is admissible in evidence in any proceedings, if the information or Document complies with any requirements relating to the admissibility of evidence in the proceedings.

6.5.3.     Subrule 6.5.1. does not apply to information or a Document if the information or Document is subject to legal professional privilege.

6.5.4.     The Commissioner for Innovation may apply to the Court for an order to require a Person to comply with a requirement under subrule 6.5.1, and the Court may make the orders that it considers appropriate.

6.6. Fees

6.6.1.     These Rules may require the payment to the AIFCA of fees by AIFC Participants and other Persons for or in relation to:

(a)            the exercise by the Commissioner for Innovation functions under or for these Rules, including the receipt by the Commissioner for Innovation of any notification or Document that is required to be, or may be, given or delivered to, or filed with, (however described) the Commissioner for Innovation; and

(b)            the inspection of Documents or other material held, or any register kept, by the Commissioner for Innovation under these Rules.

6.6.2.     The AIFCA may charge a fee for any services provided by the Commissioner for Innovation otherwise than under an obligation imposed on the Commissioner for Innovation by or under these Rules.

6.6.3.   If a fee is prescribed or charged under Schedule 2 of these Rules for the exercise of a function, or the provision of services, by the Commissioner for Innovation, no action need be taken by the Commissioner for Innovation until the fee is paid and, if the fee is payable to the AIFCA on the receipt by the Commissioner for Innovation of a Document required to be, or that may be, given or delivered to, or filed with, (however described) with the Commissioner for Innovation, the Commissioner for Innovation is taken not to have received the Document until the fee is paid.