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BMA recognises need for pragmatism

A pragmatic approach is being taken by the Bermuda Monetary Authority over companies and institutions that cannot hold board meetings and annual general meetings on the island because of restrictions introduced to combat Covid-19.A BMA spokesman said: “The coronavirus has significantly impacted the way in which business is conducted and the world is having to adapt to yet another new normal.“The Bermuda Monetary Authority recognises the need to be pragmatic, as to how financial institutions will meet regulatory requirements that cannot be fully adhered to because of Government rulings geared to protecting the community from the spread of the virus.”He added: “We applaud our Government’s efforts on this front and look to support our regulated institutions as they look to weather this crisis while maintaining sound standards of business conduct.”The spokesman said: “The BMA remains operational on a remote basis and continues to licence new entities and perform its oversight role as Bermuda’s regulator of all financial services.“Companies have been advised that should any issues arise, they should direct their enquiries to the respective BMA supervisors.”• Contact information for supervisory departments is listed on the notices page of the BMA website at www.bma.bm