BMA Coronavirus (COVID-19) Notice to Industry (2020-03-20)

Summary

This is a notice from the Bermuda Monetary Authority (BMA) informing regulated firms of operational changes made in response to the COVID 19 pandemic. It describes business continuity measures the BMA has activated and how firms should now communicate with the Authority.

• Business continuity: BMA activated its Business Continuity Plan on 6 February 2020 and moved to remote working and virtual meetings.
• Regulatory timing: BMA is reviewing the timing of regulatory initiatives to give firms room to focus on their businesses and customers.
• Engagement: BMA continues engaging with government and international peers on the industry response.
• Electronic submissions: All correspondence and application requests must be submitted electronically to designated email addresses for Authorisations, Banking, Corporate Service Providers, FinTech, General Enquiries, Corporate Authorisations, Insurance, Investments, MOU/MMOU matters, and Trust.
• Remote operations: BMA will work remotely until 6 April 2020, per Government directive, subject to adjustment.

The notice is informational and operational in nature, primarily advising firms on how to interact with the BMA during the pandemic period rather than imposing new substantive regulatory requirements.

Key obligations

• Submit all correspondence and application requests to the BMA electronically using the specified departmental email addresses (e.g. authorisations@bma.bm, banking@bma.bm, csp@bma.bm, innovate@bma.bm, enquiries@bma.bm, corporateauthorisations@bma.bm, insuranceinfo@bma.bm, investmentinfo@bma.bm, mou@bma.bm, trust@bma.bm).

Applies to

banks, reinsurance and insurance companies, corporate service providers, fintech businesses, investment businesses, trust companies

Deadlines

• 6 April 2020: BMA will operate remotely until this date, in line with Government's directive, subject to adjustment.