Regulatory Alerts2018-01-01
Circular No. 4/2018: Compliance with the Requirements of Instructions No. 04-2017
The Palestine Monetary Authority issued Circular No. 4/2018 to mandate compliance with Instructions No. 04-2017 governing specialized lending institutions. The directive requires all affected institutions to submit a self-assessment report with a compliance timeline by the end of the first quarter of 2018, formally present the governance code to their boards at their first 2018 meeting, and periodically attach the self-assessment to draft audited financial statements for regulatory approval. These requirements establish a structured implementation framework and ensure continuous supervisory oversight of institutional governance practices.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (4/2018)
To all specialized lending institutions operating in Palestine
Date: Sunday, January 14, 2018
Subject: Compliance with the Requirements of Instructions No. (2017/04)
Pursuant to the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions, and in accordance with the requirements of Instructions No. (2017/04) regarding the Code of Rules and Practices Implicit in the Governance of Specialized Lending Institutions, particularly Item (2) of Article No. (4) concerning implementation and enforcement, and Item No. (4) concerning the structure and contents of the Code; all specialized lending institutions operating in Palestine are required to commit to providing us with the following:
- The institution's self-assessment report regarding compliance with the governance code requirements, accompanied by a timeline for complying with all code requirements, to be submitted no later than the end of the first quarter of 2018.
- Presenting the governance code to the institution's board of directors at its first meeting during 2018, and providing us with confirmation that board members have reviewed it and committed to its provisions.
- Periodically attaching the self-assessment report to the draft audited final financial statements that will be provided to us for review and approval.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | +970 2 2415310: Fax | +970 2 2415250: Phone | P.O. Box 452 - Ramallah, Palestine Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | +970 8 2844487: Fax | +970 8 2825292: Phone | P.O. Box 4026 - Gaza, Palestine Email: info@pma.ps | info@pma.ps: Email