Regulatory Alerts2010-01-01
Instructions No. 3 of 2010 Regarding Financial Statements and the General Assembly of Banks
The Palestine Monetary Authority issued Instructions No. 3 of 2010 to mandate strict compliance with international accounting standards (IFRS/IAS) for the preparation, audit, and publication of interim and final financial statements by all banks operating in Palestine. The directive establishes comprehensive requirements for automated banking and accounting systems, detailed disclosure obligations, and strict timelines for regulatory submission and public dissemination. Furthermore, it regulates the convening of banks' general assemblies, requiring prior written approval from the Authority, standardized notification procedures, and mandatory ratification of all assembly decisions before they take effect.
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