Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2018/4)

To all specialized lending institutions operating in Palestine

Date: Sunday, January 14, 2018

Subject: Compliance with the Requirements of Instructions No. (2017/04)

Based on the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions, and in accordance with the requirements of Instructions No. (2017/04) regarding the implicit code of rules and practices for the governance of specialized lending institutions, particularly Item (2) of Article No. (4) concerning implementation and enforcement, and Item No. (4) concerning the structure and contents of the code; all specialized lending institutions operating in Palestine are required to commit to providing us with the following:

1. The institution's self-assessment report regarding compliance with the governance code requirements, accompanied by a timeline for compliance with all code requirements, to be submitted no later than the end of the first quarter of 2018.

2. Presenting the governance code to the institution's board of directors at its first meeting during 2018, and providing us with confirmation that board members have been informed of it and are committed to its provisions.

3. Periodically attaching the self-assessment report with the draft audited final financial statements that will be provided to us for review and approval.

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Supervision and Inspection Department
Palestine Monetary Authority

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