Regulatory Alerts2009-01-01
Circular No. 79: Updated Procedures for Pledging and Unpledging Shares
The Palestine Monetary Authority issued Circular No. 79/2009 to mandate compliance with the Palestine Securities Exchange's updated procedures for pledging and unpledging shares, effective 16 August 2009. The directive requires all operating banks to adhere to specific documentation, authentication, and execution protocols, including judicial deeds for non-bank pledgees and strict restrictions on minor shareholders' inherited assets. It further outlines operational rules prohibiting unilateral sales by pledgees, mandating court orders for default liquidation, and detailing step-by-step verification workflows for the Depository and Clearing Center staff.
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