Regulatory Alerts2016-01-01
Circular No. 3 Minimum Disclosure Requirements in the Annual Report
The Palestine Monetary Authority issued Circular No. (2016/3) to mandate updated minimum disclosure requirements for the annual reports of all local banks. The directive requires comprehensive inclusion of board and executive profiles, detailed financial and risk disclosures, governance manuals, compliance declarations, and transparency policies, while explicitly stating that prior regulatory approval for report issuance is not required. Non-compliance will trigger financial penalties under the law, and all conflicting prior provisions are repealed while final financial data forms remain unchanged.
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