Notice - Board Meetings (2020-09-03)

Summary

This notice from the Bermuda Monetary Authority addresses the impact of COVID-19 on the requirement for registrants to hold physical board of directors meetings in Bermuda during Q4 2020. It sets out how the Authority will assess compliance with this requirement for the year ending 31 December 2020, given ongoing logistical and health difficulties caused by the pandemic.

• Compliance assessment: When assessing compliance with the requirement to hold physical board meetings in Bermuda for the year ending 31 December 2020, the Authority will take into account all circumstances, including registrants' inability to meet physically due to COVID-19 related logistical and health difficulties.
• Continued virtual meetings expected: The Authority expects registrants to continue holding board meetings virtually, by telephone, video conference, or other virtual means, where physical meetings are not practical during this period.
• Queries: Any questions about the notice should be directed to info@bma.bm.

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 due to COVID-19.

Applies to

registrants (entities regulated by the Bermuda Monetary Authority required to hold board of directors meetings in Bermuda)

Deadlines

• year ending 31 December 2020: Period for which the Authority will assess compliance with the requirement to hold physical board meetings in Bermuda, taking COVID-19 circumstances into account.