Notice - COVID 19 Notice to Industry (2020-05-12)

Summary

This is an informational notice from the Bermuda Monetary Authority updating industry on its operating status during the COVID-19 pandemic. It confirms that the BMA moved to remote working from 20 March 2020 and continues to operate on a fully remote basis, with no fixed date yet set for returning to physical premises. It contains no new rules, filing requirements or changes to regulatory obligations.

• Remote operations: The BMA remains fully operational remotely, continuing licensing, applications processing, on site examinations and coordination with foreign regulators.
• Phased return: A phased return to physical offices will occur in line with Government re-opening guidance, timed according to staff safety rather than a fixed date.
• Regulatory posture: The Authority states it will remain pragmatic and responsive to support regulated institutions through the crisis while maintaining sound business conduct standards.
• Communication channels: Industry is directed to the BMA's E-Alerts service, News and Press Releases, and Notices sections, plus a list of departmental email addresses (AML, Authorisations, Banking, Corporate Authorisations, Corporate Service Providers, FinTech, General Enquiries, Insurance, Investments, MOU/MMOU, Trust) for enquiries.

No deadlines, filing obligations or changes to licensing or supervisory requirements are imposed by this notice; it is purely a status update and contact information notice.

Applies to

licensees, registrants, applicants, regulated financial institutions