Regulatory Alerts2014-01-01
Instructions No. (3) of 2014 Regarding Membership in the Baraq Real-Time Gross Settlement System
The Palestine Monetary Authority issued Instructions No. (3) of 2014 to regulate membership and operational rules within the Baraq Real-Time Gross Settlement System. The directives establish distinct direct and indirect membership categories, mandating specific licensing, financial guarantees, SWIFT connectivity, and strict risk management and business continuity obligations for all participating banks and clearing agents. Furthermore, the Authority retains exclusive ownership and supervisory control, detailing precise settlement message standards, access authorization powers, and conditions for temporary suspension or permanent revocation of membership to safeguard the national banking sector.
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