Notice - Board Meetings (2020-07-06)

Summary

This notice from the Bermuda Monetary Authority addresses the impact of COVID-19 on registrants' ability to hold physical board of directors meetings in Bermuda. It provides temporary flexibility in assessing compliance with physical meeting requirements while still expecting boards to meet regularly through virtual means.

• Compliance flexibility: For the period ending 30 September 2020, the Authority will take into account all circumstances, including logistical and health difficulties from COVID-19, when assessing compliance with the requirement to hold physical board meetings in Bermuda.
• Virtual meetings expected: Where physical meetings are not practical during this period, the Authority expects registrants to continue holding board meetings virtually, by telephone, video conference or other virtual means.
• Queries: Any questions about the notice should be directed to info@bma.bm.

The notice is a temporary COVID-19 accommodation rather than a permanent rule change, and applies only to the specified period ending 30 September 2020.

Key obligations

• Registrants are expected to continue conducting board of directors meetings virtually (by telephone, video conference or other virtual means) where physical meetings in Bermuda are not practical during the period ending 30 September 2020.

Applies to

registrants (Bermuda Monetary Authority regulated entities)

Deadlines

• 30 September 2020: End of the period during which the Authority will take COVID-19 related circumstances into account when assessing compliance with physical board meeting requirements in Bermuda.