My interpretation of the new traffic light framework, is that racing will be able to commence
In a region that is in Orange or Green
Where all participants are fully vaccinated
Levels Orange or Green, with vaccination certificates, appear to be the only way that events and gatherings can be held where the minimum distance requirement of 1m doesn't apply.
Level Red, requires 1m distancing in all scenarios. Practically impossible and potentially unsafe, for race crew.
Event organisers, (yacht clubs), will be responsible/liable for assurance. As always, yacht clubs