Regulatory Alerts2016-01-01
Circular No. 14: Fees for Contracting with Attorneys in the United States
The Palestine Monetary Authority issued Circular No. 14/2016 to formalize a cost-sharing arrangement for legal fees related to hiring attorneys in the United States. Under this directive, the Authority will absorb 40% of the total fees, while the remaining 60% will be divided equally among all banks operating in Palestine. Each institution's proportional share will be automatically debited from its current account with the Authority upon the agreement's effective date, with formal written confirmation provided to each bank.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. 14/2016
To all banks operating in Palestine
Date: Tuesday, January 19, 2016
Subject: Fees for Contracting with Attorneys in the United States
Following the consultative meeting held with representatives of banks operating in Palestine at the Palestine Monetary Authority headquarters on 2016/01/19 regarding the contract for hiring attorneys in the United States of America, and the agreement reached concerning the distribution of the cost of this contract, whereby the Palestine Monetary Authority will bear 40% of the fees, and the banks will equally share the remaining 60% of the fees.
Accordingly, each bank's share (from the effective date of the agreement) of the fees will be charged to its current account with us, and they will be notified thereof in writing.
Governor
Azzam Al-Shawa
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487