Regulatory Alerts2015-01-01
Circular No. 3 Annual Report Requirements for Local Banks
The Palestine Monetary Authority issued Circular No. 3/2015 to mandate local banks to submit their 2014 final financial statements and annual report drafts by February 28, 2015, utilizing newly attached templates and updated minimum disclosure requirements. The directive aligns with previous 2010 instructions and recent regulatory developments, requiring prior PMA approval before banks finalize and print their annual reports. It simultaneously repeals Circular No. 2010/140 dated December 30, 2010, to consolidate reporting standards for both commercial and Islamic banks.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (3 / 2015)
To all banks operating in Palestine
Date: Monday, January 12, 2015
Subject: Annual Report Requirements for Local Banks
Final Statements Templates
Further to Instructions No. (2010/03) dated 11/05/2010 regarding the minimum disclosure requirements for final financial statements to be complied with, and in line with the latest amendments and related developments, we attach the following:
- Minimum disclosure requirements for the annual reports of local banks.
- Final statements template for commercial banks.
- Final statements template for Islamic banks.
All banks are requested to comply with submitting the final financial statements for the year 2014 to the Palestine Monetary Authority according to the aforementioned templates by no later than 28/02/2015, in addition to providing us with a draft of the annual report for local banks prior to its printing to obtain the prior approval of the Palestine Monetary Authority for its issuance.
The implementation of Circular No. (2010/140) dated 30/12/2010 is hereby repealed effective from this date.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Phone: +970 2 2415250 | Fax: +970 2 2409922 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps