Notice - COVID-19 Update - 2021 Board of Directors Meetings (2020-12-22)

Summary

This notice from the Bermuda Monetary Authority addresses continued COVID-19 disruption to registrants' ability to hold physical board of directors meetings in Bermuda during 2021. It signals a flexible supervisory approach rather than imposing new rules.

• Flexible assessment: When assessing compliance with the requirement to hold physical board meetings in Bermuda for the year ended 31 December 2021, the Authority will take into account logistical and health difficulties caused by COVID-19.
• Expectation of continued meetings: Registrants are still expected to hold regular board meetings using telephone, video conference or other virtual means where physical meetings are not practical.
• Review point: The Authority will revisit the situation in June 2021 and may issue a further notice depending on circumstances.
• Contact: Questions about the notice should be directed to info@bma.bm.

The notice does not create new filing or reporting deadlines; it is a temporary compliance accommodation tied to pandemic conditions during 2021.

Key obligations

• Registrants must continue to conduct regular board of directors meetings by telephone, video conference or other virtual means where physical meetings in Bermuda are not practical during 2021.

Applies to

registrants (BMA-regulated entities with board of directors meeting requirements)

Deadlines

• year ended 31 December 2021: Period for which the Authority will take COVID-19 related difficulties into account when assessing compliance with the physical board meeting requirement.
• June 2021: The Authority will revisit the situation and may issue a further notice.