Regulatory Alerts2018-01-01
Circular No. 4 of 2018: Compliance with the Requirements of Instructions No. 04-2017
The Palestine Monetary Authority requires all specialized lending institutions operating in Palestine to fully comply with the governance standards set forth in Instructions No. 04-2017. Institutions must submit a self-assessment report detailing compliance timelines by the end of the first quarter of 2018, formally present the governance code to their board of directors at its inaugural 2018 meeting, and periodically attach this report to draft audited financial statements for regulatory approval. These mandatory disclosures and board-level engagements enforce the licensing and supervision framework established by Presidential Decree No. 132 of 2011.
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:
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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.
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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.
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Periodically attaching the self-assessment report with the draft audited final financial statements that will be provided to us for review and approval.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 |
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 |
Email: info@pma.ps