BMA COVID-19 UPDATE – BOARD OF DIRECTORS MEETINGS

The Bermuda Monetary Authority (the Authority) recognises the significant challenge COVID-19
continues to have on registrants’ ability to hold physical board of directors meetings in Bermuda.
In assessing compliance with the requirement to hold physical board meetings in Bermuda for the
period ending 30 September 2020, the Authority will take into account all circumstances including
registrants’ inability to hold such meetings due to logistical and health difficulties resulting from
COVID-19.
However, the Authority also recognises that holding frequent board of directors meetings is vital
in managing the immediate and long-term challenges arising from COVID-19. As a result, the
Authority expects registrants to continue to conduct their board meetings virtually, by telephone,
video conference or other virtual means, where it is not practical to meet physically during this
period.
Any questions relating to this notice or should be directed to info@bma.bm.

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