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