Notice - COVID-19 Update - 2021 Board of Directors Meetings (2021-06-01)

Summary

This notice from the Bermuda Monetary Authority addresses continuing COVID-19 disruption to registrants' ability to hold physical board of directors meetings in Bermuda. It sets out how the Authority will assess compliance with the physical board meeting requirement through the end of 2021 and confirms its expectations for virtual meetings in the interim.

• Compliance assessment: For the period ending 31 December 2021, the Authority will consider all circumstances, including inability to hold physical board meetings due to COVID-19 related logistical difficulties or public health concerns.
• Virtual meetings expected: Registrants are expected to continue holding board meetings virtually, by telephone, video conference or other virtual means, when meeting physically in Bermuda is not practical.
• Ongoing importance of board meetings: The Authority reiterates that frequent board meetings remain vital to the proper management of registrants despite pandemic challenges.

The notice is informational guidance rather than a rule change, clarifying regulatory expectations and enforcement flexibility for a defined period. Questions on the notice can 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) when it is not practical to meet physically in Bermuda during the period ending 31 December 2021.

Applies to

registrants (BMA regulated entities)

Deadlines

• period ending 31 December 2021: Period during which the Authority will consider COVID-19 related circumstances when assessing compliance with the requirement to hold physical board meetings in Bermuda, and during which virtual board meetings are expected when physical meetings are impractical.