Regulatory Alerts2007-01-01
Circular No. 116: Preliminary Financial Data for Banks Listed on the Palestine Securities Exchange
The Palestine Monetary Authority mandates that banks listed on the Palestine Securities Exchange submit quarterly preliminary financial data according to prescribed forms and deadlines. If regulatory approval requires additional time, the exchange will publish these preliminary figures with a clear disclaimer that they lack official PMA endorsement. Upon final approval, banks must immediately provide the exchange with semi-annual and annual financial statements alongside a detailed breakdown of material changes from the preliminary data.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (2007/116)
To All Banks Operating in Palestine
Date: Thursday, August 16, 2007
Subject: Preliminary Financial Data for Banks Listed on the Palestine Securities Exchange.
Whereas disclosing banks' financial data on time in accordance with regulations issued by the financial market is a fundamental listing requirement, particularly as its objective is to provide quarterly financial information on the performance of listed companies to financial market participants, the Palestine Monetary Authority urges banks to comply with providing the Palestine Securities Exchange Management with quarterly financial data according to the prepared forms within the periods specified in the market's regulations. Furthermore, since the Palestine Monetary Authority's approval of financial data may require additional time in some cases for regulatory reasons, the data will be published in such cases with a note indicating that these data are not yet approved by the Palestine Monetary Authority. The market will be provided with semi-annual and annual financial data immediately upon their approval by the Palestine Monetary Authority, along with a statement of the key changes between the preliminary financial data previously provided to the financial market and those approved by the Palestine Monetary Authority.
Banking Supervision Department Palestine Monetary Authority
Distribution:
- The Honorable Capital Market Authority
- The Honorable Palestine Securities Exchange
Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps
Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487