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ARTICLE · 03 DECEMBER 2019

Bermuda Updates Outsourcing Guidance

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On 28 June 2019 the Bermuda Monetary Authority (BMA) released Outsourcing Guidance Notes (Guidance Notes) applicable to Banks, Deposit Companies, the Bermuda Stock Exchange, ...

BermudaFinance and Banking
Alan Bossin
Alan Bossin
Sally Penrose
Sally Penrose
Steven Rees Davies
Steven Rees Davies
Jerome Wilson
Jerome Wilson
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On 28 June 2019 the Bermuda Monetary Authority (BMA) released Outsourcing Guidance Notes (Guidance Notes) applicable to Banks, Deposit Companies, the Bermuda Stock Exchange, Corporate Service Providers, Trust Companies, Money Service Businesses, Investment Businesses, Fund Administrators, and the Credit Union licensed by the BMA, each a Relevant Licensed Entity (RLE). This guidance will come into force on 1 May 2020 and replaces previous guidance on outsourcing issued in 2007.

Application of the Guidelines

The Guidance Notes apply to all outsourcing arrangements, with a particular emphasis on those that are deemed material outsourcing arrangements. In this context, "material" is defined as those whereby failure in provision or performance of the activity would materially impact business operations, financial performance, ability to manage risk, or compliance with Bermuda laws and regulations.

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