Deferral of Effective Date for Sending Notices via Means of Communications (Proper Conduct of Banking Business No. 420)

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Banking Supervision Department
Bank-Customer Division
Jerusalem, June 13, 2022
Circular No. C-06-2713
Att: Banking corporations
Re: Sending Notices via Means of Communications (Proper Conduct of Banking Business No. 420) Introduction

1. In June 2021, the Banking Supervision Department published an amendment to Proper
   Conduct of Banking Business Directive no. 420 on “Sending Notices via Means of Communication”. The Directive was accompanied by Circular no. 06-2659, through which the effective date of the amendment to the Directive was set for June 6, 2022.
2. Recently, there have been enquiries from the banking system requesting an extension
   for the implementation of the Directive, due to the difficulty in complying with the date that was set, because of both the regulatory burden and the complexity of the preparation process. In order to enable the banking system to carry out the preparation process optimally, I have decided to defer the effective date of Amendment number 7 to Directive 420.
3. After consulting with the Advisory Committee on Banking Business Affairs, and with
   the approval of the Governor, I hereby defer the effective date of said amendment. Effective Date
4. Notwithstanding the provisions of Section 17 of Circular no. 06-2659 dated June 6,
   2021, the commencement of Amendment number 7 of Directive 420 shall be January 1, 2023. A banking corporation may adopt this Directive before the effective date of the amendment. File Updates
5. Following are the update pages in the Proper Conduct of Banking Business Directives
   file. Following are the update instructions:
   Remove page Insert page
   (6/21) [7] 420-1-5 (6/22) [8] 420-1-6
   Respectfully,
   Yair Avidan
   Supervisor of Banks