Regulatory Alerts2019-01-01
Circular No. 213/2019: Regulatory Requirements Regarding Correspondence
The Palestine Monetary Authority issued Circular No. 213/2019 to mandate that all official correspondence from specialized lending institutions to the Authority must be formally approved by the General/Executive Director, Board Chairman, or their specifically authorized representatives. The circular further requires institutions to submit hard-copy originals of all electronically received correspondence within three working days of receipt. Additionally, the Authority explicitly states it will neither process nor respond to any correspondence submitted directly by branch offices of these institutions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (213/2019)
To all specialized lending institutions operating in Palestine
Date: Sunday, September 01, 2019
Subject: Regulatory Requirements Regarding Correspondence
With reference to the above subject, and in accordance with the requirements of Circular No. (2015/95) dated 25/06/2015 regarding Authorized Signatories, and based on the powers delegated to the Authority under Presidential Decree No. (132) of 2011 regarding the Licensing and Supervision of Specialized Lending Institutions, we hereby inform you of the necessity to:
Compliance with the following:
-
All correspondence issued by specialized lending institutions and addressed to the Authority must be official and duly approved by the General/Executive Director, or the Chairman of the Board, or their authorized representative in their absence, specifically pursuant to a written authorization.
-
Submit the original hard copy of all correspondence received via official email through postal mail (hand-delivered) within no more than three working days from the date of receipt of the electronic correspondence.
We also hereby confirm that no action will be taken or response provided to any electronic or paper correspondence submitted to the Authority from branches of specialized lending institutions.
Supervision and Inspection Department
Palestine Monetary Authority
Note:
www.pma.ps
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 2825713