1 Page Introduction 1. The centrality of the banking system in financial intermediation, the advancement of economic activity, and processes of settlement, as well as the importance of the public s confidence in the ability of the banking system to function continually, make it essential to assure the system s resilience to major operational disruptions. To attain this goal, each banking corporation must assimilate a comprehensive framework for business continuity management in a manner suited to the characteristics of its activity, its exposure to risks, and its business strategy. A comprehensive framework for business continuity management will enhance the banking corporation s resilience when external or internal events cause operational disruptions and will mitigate the possible effect of such disruptions on business activity continuity, reputation, profitability, depositors, and shareholders. Application 2. This Directive shall apply to all banking corporations as defined in this Directive. The Supervisor of Banks may establish specific provisions different from those specified below for application to specific banks. Definitions 3. Banking Corporation Critical enterprise Emergency As defined in the Banking (Licensing) Law, , including an auxiliary corporation that is a credit-card company and/or an auxiliary corporation that is defined as a critical enterprise. As defined in the Emergency Labor Service Law, A period of time in which a state of emergency system is activated per Government Resolution 1716 of Sivan 29, 5746 (July 6, 1986), Government
2 Page Business continuity Business continuity management Business continuity plan Resilience Critical operation or service Major operational disruption Resolution 1080 of Adar A 7, 5760 (February 13, 2000), and any other government resolution relating to this matter, the declaration of a special situation in the home front under Section 9c of the Civil Defense Law, , or a declaration of a state of emergency by the Supervisor. A situation in which the business operates in a continual and disruption-free manner. A whole-of-business approach that includes policies, standards, and procedures for ensuring that certain operations may be performed or resumed in a timely fashion in the event of disruptions. A comprehensive written plan of action that sets out the procedures and systems necessary to maintain business continuity or to restore the operation of the banking corporation in the event of disruptions. The ability of a banking corporation to absorb the impact of a major operational disruption and continue to maintain critical operations or services. Any activity, function, process, or service, the loss of which would be material to the continued operation of the banking corporation or its customers. Determining whether a certain activity or service is critical depends on the nature of the relevant banking corporation. A disruption that has a grave effect on ordinary business activity and that causes economic damage to a large area and to the public that inhabits it. A major operational disruption typically affects physical
3 Page Reference scenario Main site Alternate site infrastructure and may be caused by a broad range of events such as war, terror attacks, earthquakes, weather-related events, or other malicious or random acts that cause widespread damage to physical infrastructure. Other events, such as technological viruses, pandemics and other biological incidents, will not necessarily cause widespread damage to physical infrastructure but may cause major operational disruptions via their effect on the ordinary activity of physical infrastructure in other ways. Events that have the greatest impact are called extreme events. They typically cause the destruction of, or severe damage to, physical infrastructure and facilities, loss or inaccessibility of personnel, or restricted access to the affected area. A possible outline of security, operation, economic or other incidents in respect of which a major operational disruption is expected to the banking corporation and which is considered a relevant outline for planning a response. A site that provides an essential process or service to all customers of the banking corporation, excluding a branch. A site held in a state of readiness and meant for use in an event that necessitates the maintenance of the banking corporation s business continuity. This term applies equally to the working space and to technological needs.
4 Page Alternate site Disaster recovery site Recovery Recovery objective Recovery level Recovery time Communicatio n protocols A site that is kept in readiness and is intended to serve in an incident that makes it necessary to maintain the banking corporation s business continuity. The term applies equally to the work space and to technological requirements. An alternate site used to recover data and information systems in emergency events. The rebuilding of specific business operations following a disruption to a level sufficient to meet outstanding business obligations. A pre-defined goal for recovering specific business operations and supporting systems to a specified level of service (recovery level) within a defined time after the occurrence of the disruptions (recovery time). An element of a recovery objective. The recovery level is the target level of service that will be provided in respect of a specific business operation after a disruption. An element of a recovery objective. Recovery time is the duration of time to recover a specific business operation. The recovery time has two components: the duration of time from the disruption to the activation of the business continuity plan and the duration of time from the activation of the business continuity plan to the recovery of a specific business operation. Established procedures for communicating that are agreed in advance by two or more parties within the banking corporation or between a banking
5 Page corporation and parties external to it that describe, inter alia, the nature of the information that should be shared with various internal and external players and the method to be used in treating certain types of information (e.g., public and non-public information). Core branch A branch that has a protected space approved by the IDF Home Front Command, prepared in advance, for an emergency, which is designated in advance to be opened in a state of emergency. Mobile branch A branch that may be moved about and operated in different locations, including from a suitable motor vehicle. Governor s A general permit allowing banks to open and relocate permit branches in an emergency, dated July 11, Responsibilities of the board of directors and senior management 4. The banking corporation's board of directors and senior management shall relate to business continuity risks and their control as part of the overall framework for risk management, as follows: (a) The board of directors shall ensure that senior management has a comprehensive business continuity management framework, and shall oversee it appropriately on an ongoing basis. (b) The board of directors shall approve senior management s risk management and control policy in the area of business continuity. (c) Senior management shall appoint a business continuity manager and define his/her responsibilities and authorities. (d) Senior management shall appoint a crisis management team composed, inter alia, of members of senior management. The team shall include main decision-makers and professionals from the range of departments at the bank,
6 Page in order to assure optimum crisis management and decision-making ability during stress situations. (e) Senior management, per approval of the board of directors, shall assign adequate resources for the application and assimilation of the business continuity plan in relation all of the banking corporation's activities. (f) Senior management shall discuss the refreshing and updating of the business continuity plan once a year, or whenever a material change occurs in the activity and risk environment, so that the plan will reflect the changing characteristics of the banking corporation s activity, complexity, and size. (g) The board of directors and senior management shall establish a periodic reporting format that will allow each of them to discuss the effectiveness of the business continuity management framework. Business continuity management framework 5. The business continuity management framework shall be constructed on a firmwide basis and shall be integrated into the banking corporation s risk management program. The framework shall include at least the following four elements: (a) Business Impact Analysis a dynamic process for the identifying critical operations and services, key internal and external dependencies and appropriate resilience levels. It assesses the risks and the potential impact of various disruption scenarios on a banking corporation s operations and reputation. The banking corporation shall test national and other scenarios that may affect critical processes and services in the short, medium, and long terms, and shall update them in accordance with developments. (b) Recovery strategy sets recovery objectives and priorities that are based on the implications of the business impact analysis. The objectives relate, inter alia, to the level of service that the organization shall aim to provide in the
7 Page event of disruptions and the framework for the final restoration of business operations. 1 Recovery objectives must reflect the risk that each banking corporation represents to the operation of the financial system, and define recovery levels and recovery times expected for critical processes or services. (c) Business continuity plan sets detailed guidance for implementing the recovery strategy. The business continuity plan specifies duties and responsibilities for managing operational disruptions and provides clear guidance regarding the delegation of powers in the event of disruptions that disable key personnel. The plan also clearly establishes decision-making powers and defines triggers for its implementation. The business continuity plan shall include all critical processes and services, resources and infrastructures at the relevant units and activities of the banking corporation and its overseas branches. (d) Risk monitoring and testing program A banking corporation shall assimilate its business continuity plan among its staff and shall monitor and validate it regularly, inter alia by establishing testing and training programs. The program shall specify the matters being tested and its objectives, its frequency, the methodology chosen, and the existence of an independent control body that will inspect the test as it is being performed, the method of reporting the results of the test, a process for identifying gaps in the existing business continuity plan, and updating the plan accordingly. Business continuity plan 6. (a) A banking corporation shall have a business continuity plan in place that will assure its ability to operate continually, limit its losses in the event of a 1 The ultimate goal of the business continuity program is full operational recovery to the point at which the banking corporation can resume ordinary business activity. Most programs establish a continuum in the operational recovery process in accordance with the effect of each operation on business, focusing first on the banking corporation s most critical operations.
8 Page serious disruption of its business, and allow its operation to recover in the event of a disaster. (b) The business continuity plan shall provide action guidelines for an immediate response to a major operational disruption. The plan shall relate to all critical processes and services but shall also take into account requisite long-term measures for full recovery of activity to routine condition. (c) In formulating its business continuity plan, the banking corporation shall relate to the following elements at least: (1) Human resources Human resources are a critical element in the fulfillment of the business continuity plan. On the basis of the business impact analysis, responsibilities and powers shall be assigned to members of management, work teams, internal and external service providers, and others. Also, a backup plan for critical personnel shall be formulated and professional crisis management team shall be specified. (2) Communications and media relations clear and systematic communication during a major operational disruption is essential in managing the crisis and in maintaining public trust. The business continuity plan shall include communication protocols in order to mange all relevant banking corporation interfaces in a state of emergency: employees, emergency personnel, regulators, vendors/suppliers, customers, media, correspondent banks, etc. The plan shall include updated lists of contacts and easily accessible, different communication methods for the dissemination of information to customers, service providers, and regulators, so that they will know how to contact the bank even if ordinary communication channels are disabled. In addition, the banking corporation shall put together an official media relations plan and integrate it into its business continuity plan. (3) Technological issues The business continuity plan shall address all technological elements that are necessary to maintain business continuity and/or recovery of operations.
9 Page (4) Relocation of critical activities The business continuity plan shall give expression to the transfer of critical processes or services to a new location. (5) Payment and settlement systems The business continuity plan shall include alternate arrangements for ATM systems and for payment and settlement systems in the event of operational disruptions. These arrangements may include setting withdrawal limits for customers without approval, pre-established backup agreements with third parties, specifying manual working processes, and, of course, the creation of backup systems for immediate activation at an alternative site. (6) Cash and liquidity needs major operational disruptions may, on the one hand, intensify the public s demand for cash and, on the other hand, trigger a financial crunch with implications for liquidity. The business continuity plan should address all aspects of cash and liquidity, including having an adequate and efficient emergency funding plan in place that clearly determines strategies for the treatment of liquidity difficulties. (7) Manual work alternatives The business continuity plan shall include, as the case may be, procedures for manual working processes, approved in advance by the management of the banking corporation, as an alternative to critical processes. In this context, the banking corporation shall maintain back up records on customer accounts (account numbers, addresses, state of account, account balance, etc.). (8) Reinforcement of control systems When operational disruptions occur, risk levels rise due to potential changes in the working environment, personnel, equipment, etc. In any analysis of business implications, the risks should be reassessed, and a strategy for their prevention and minimization should be formulated and integrated into the business continuity plan. (9) Business planning and project management To maintain and update the business continuity plan, a banking corporation shall make business
10 Page continuity considerations part of every relevant business decision, including decisions relating to the planning and management of new projects. (10) Change control policy Such a policy should reflect the fact that when changes are introduced in operational systems, applications, or infrastructures in the production environment that support critical processes and services, all copies of the backups of these systems should also be updated. In addition, whenever a new or improved system that requires new hardware, additional capacity, or other technological changes is implemented, a banking corporation should make sure to update its business continuity plan to the extent necessary and to make its recovery site capable of supporting the new production environment. The change control policy should also make it possible to implement changes rapidly in the event of an operational disruption. (11) Backup of data A banking corporation shall have data synchronization procedures in place that will permit the accurate and upto-date retention of data at the disaster recovery site. A banking corporation shall have procedures in place for information retrieval, within a reasonable period of time, in a situation of a failure event at the main site before the data of the business day have been backed up. The banking corporation must back up its data in a manner that will assure recovery even in cases where its main site and its disaster recovery site are damaged concurrently. (12) Crisis management A banking corporation shall designate, in its procedures, a senior authority who may declare a crisis event and the responsibilities of a crisis management team for the internal application of the business continuity plan and the assurance of the banking corporation s conduct vis-à-vis outside players such as regulators, government offices, and emergency organizations.
11 Page (13) Information security incidents Banks shall develop a policy of response to information security incidents and shall adequately integrated it into their business recovery plan. An information security incident occurs when an unauthorized player attempts, successfully or not, to invade, use, sabotage, or destroy information systems or customer data. In the event of an unauthorized intrusion, the banking corporation s computer systems may crash and confidential information may fall into incorrect hands. An important element in the response to information security incidents is the division of responsibilities for evaluation of, response to, and management of IT indicents and the development of guidelines for staff in regard to escalation and reporting procedures. Senior management shall determine who shall be responsible for declaring an incident and for reconstructing the affected computer systems from the moment the incident ends. The holder of this responsibility must have the expertise that is needed for a rapid and appropriate response. (14) Remote access policy Working procedures for remote access shall be part of the business continuity plan. Since bank facilities will be inaccessible in certain emergenies, it may be necessaty to give remote access to staff or outside serivce providers. The remote access policy shall be approved by senior management and shall address itself to the risks associated with the policy and the maintenance of appropriate control and information security mechanisms. (d) The business recovery plan shall be assimilated among critical staff and drilled at all banking corporation units in accordance with a program that the bank shall establish. The assimilation plan shall help, inter alia, to test the bank s ability to operate critical systems in the event of a shortage of key personnel. (e) To assure the successful application of business continuity plan, a banking corporation shall establish solid ongoing working relations with community officials (e.g., local authorities) and government institutions, including
12 Page national infrastructure officials, for optimum coordination of expectations and evaluation of risks. Integrating these expectations into the business continuity plan and conducting joint drills will enhance the effectiveness of the business continuity plan. Insurance 7. Insurance is an important component of the business continuity planning process. While adequate insurance coverage is no substitute for an effective BCP, it may help to reduce losses and damage occasioned by major operational disruptions. Insurance coverage shall be chosen on the basis of an analysis of business implications and a risk assessment. Once a year, the banking corporation shall review the adequacy of its insurance coverage in reference to its most recent risk profile. Business continuity of critical process vendors and service providers 8. (a) A banking corporation shall act to mitigate the risks that flow from dependency on vendors and service providers for its critical processes. (b) A banking corporation shall ensure that its contract with a vendor/service provider obliges the vendor/service provider to serve the banking corporation even in an emergency, in accordance with the service level agreement specified in the contract. (c) The banking corporation shall assess the vendor s/service provider s ability to maintain business continuity so that the banking corporation will continue to recent the relevant service under various scenarios. (d) In accordance with the assessment set forth in Subsection (c) above, the banking corporation s contract with the vendor/service provider shall include reference to matters such as: (1) the vendor s/service provider s responsibility for having a business continuity plan in place; (2) the banking corporation s right to receive the vendor s/service provider s business continuity plan;
13 Page (3) the banking corporation s right to participate in the vendor s/service provider s drills and/or to obtain the findings of the drill; (4) the banking corporation s right to conduct a periodic review of the vendor s/service provider s business continuity plan or to receive a report from some other reviewer who is acceptable to the banking corporation. (e) Notwithstanding the foregoing, Sections (b) and (d) need not be included in a contract with suppliers of national infrastructures. Alternate site 9. (a) A banking corporation shall locate its alternate sites so as to mitigate the probability of a similar effect of any particular emergency scenario on the alternate sites and the main site, including an effect on elements of physical infrastructure (electricity, communication, etc.) that the sites use. To mitigate the probability that both sites will be impaired by the same scenario, including the possible blockage of access routes, the banking corporation shall ensure, at the very least, that the alternate site will be located outside the municipal boundaries of its main site. (b) A banking corporation shall leave enough equipment and information at the alternate site to ensure the continuity of its business activity if its main site is severely damaged. (c) In determining the alternate site, the banking corporation shall relate to the following parameters inter alia: size of the site, the capacity of work there, and the services that must be delivered in accordance with the specified levels of service, with reference to the duration of the operational disruption (short, medium, and long term). In cases where the alternate site is located at a facility that is used for regular daily activity, the banking corporation shall ensure that the is capable of accommodating additional business functions when the main business location becomes unusable. (d) The alternate site shall be immediately available (24/7) for work, and personnel slots shall be the established for it.
14 Page (e) The banking corporation shall make all efforts to avoid having the alternate site operated by a third party. Nevertheless, if the operator of the alternate site is a third party, the banking corporation shall ensure that said third party is able in all ways to keep the site maintained and ready for an emergency (by auditing the third party, executing a contract with it, etc.). (f) A banking corporation shall not share an alternate site with another corporation that is outside the banking group if this is feared to be harmful to the implementation of its business continuity plan. (g) A banking corporation shall take into account of the inherent system risk that exists if its critical sites are geographically concentrated with those of other banking corporations. (h) A banking corporation that is a joint service company that is a key player in the functioning of the financial system shall have duplicate information systems of high availability, such as Active-Active, in place for its critical services, between its main site and its alternate site. Protection of critical sites 10. (a) A banking corporation shall act to protect its critical sites with the intention of maintaining continuity and constancy in the provision of critical services, all in accordance with accepted professional standards. (b) The following are the guiding principles for minimum protection of the various critical sites: (1) A main or alternate site, at least one of the two, must be protected against conventional warfare. (2) A main or alternate site, at least one of the two, shall be able to withstand an earthquake. In a case where a main critical site is not able to withstand an earthquate, the banking corporation shall maintain an operative plan for
15 Page making critical services available at the alternate site, in accordance with the service targets set out in Section 12. (3) Beyond what is stated in this Section: (i) Every critical site that serves for data processing shall be protected against conventional warfare. (ii) For a joint services company that serves as a key element in the functioning of the financial system, every critical site shall be protected against conventional warfare and shall be able to withstand an earthquake. (4) When constructing a new critical site, the appropriate protection for all reference scenarios, national and otherwise, must be ascertained. (5) A subsidiary company of a banking corporation may rely on the parent company s critical site for the purpsoe of making critical services available when a reference scenario is realized, and in accordance with the service targets set out in Section 12. The parties must arrange this in an appropriate agreement, and must periodically assess the possibility of realization. (c) In extenuating cases, a banking corporation that believes that some of the principles for minimum protection of the critical sites are not applicable to it, may appeal to the Supervisor of Banks to coordindate their applicability or manner of implementation regarding it. Internal audit 11. (a) The comprehensive business continuity management framework shall be subject to periodic auditing by the internal audit function. (b) Internal audit shall review the testing program periodically to evaluate its effectiveness. (c) The findings of the testing of the business continuity plan shall be reported to internal audit on a regular basis.
16 Page Levels of critical service objectives 12. As a rule, the banking system shall aim to maintain the greatest possible extent of business continuity. However, major operational disruptions (system-wide or bank-specific) may impair the ability to provide full service. A banking corporation shall deploy for the continuation of its business activities in a manner that will ensure the ongoing attainment of the following levels-of-service objectives at least: (a) Within several hours of the beginning of disruptions (1) Uninterrupted cash withdrawal from ATMs shall be assured, as follows: i. Banking corporations that operate ATM cash withdrawal services shall be prepared, at any time and in all localities, to refill the machines during an emergency before they run out of cash. ii. Relay and communication services shall operate in a way that will allow the public to withdraw cash from all banks ATMs. (2) It shall be possible to use credit cards to make purchases at places of business. (3) In an emergency, the banks branches shall operate as set forth in Section 12 of the Directive. (4) Banking service at branches that operate during an emergency shall include, at the very least, information for customers about the state of their accounts and basic banking transactions such as cash withdrawal and deposit, drafting and deposit of checks, and inter-bank and intra-bank transfers. (5) If the banking corporations conclude an arrangement allowing cash withdrawals by each other s customers, they shall be prepared to implement it in accordance with guidance from the Supervisor. (6) Banking corporations shall provide the public with critical emergency information by activating an appropriate information call center (e.g., a hotline), the number of which shall be advertised to the public.
17 Page (7) Banking corporations shall deploy for the continued provision of banking services (information and transactions) to their customers through direct channels such as on-line banking and telephone call center. (8) Banking corporations shall deploy to resume settlement activity vis-à-vis all relevant settlement institutions in accordance with rules set forth for each respective system. Banking corporations that operate settlement facilities shall take measures to reactivate them. (b) Within a maximum of 24 hours from the beginning of disruptions (1) Banking corporations shall be ready to activate emergency mobile branches in places where the regular bank branches cannot provide services, as set forth in Section 14 of the Directive. (2) Transfers of funds from and to locations abroad. (3) Resumption of activity vis-à-vis capital-market institutions (provident funds, advanced training funds, etc.) and vis-à-vis locations abroad. (c) Levels-of-service objectives to be attained within several days, at the most, of the beginning of disruptions (1) Emptying of service boxes at branches that are not active in emergencies. (2) Banking corporations shall be ready to activate a program of dispensations for population groups that stand to be harmed by the emergency, e.g., mobilized soldiers, members of their families, and business owners. Some of the arrangements shall be the results of the banking corporation s policy and others shall be made by approval of the Supervisor as set forth in Section 15 of the Directive. Opening of branches in an emergency 13. (a) Banking corporations shall act continually to protect their branches in accordance with guidelines from the IDF Home Front Command. (b) The policy on opening branches in emergency shall be to open all branches per guidance from the Supervisor of Banks and subject to instructions from the security forces, including the IDF Home Front Command.
18 Page (c) Banking corporations shall designate a minimum of 25 percent of the total number of their branches as core branches and shall ensure their appropriate geographic dispersion. (d) Banking corporations shall deploy for the activation of all branches that are defined as core as soon as the state of emergency begins. (e) Banking corporations shall deploy for the provision of basic banking services in places where such services cannot be delivered to the population at their regular branches. Relocation of branches in an emergency 14. (a) Once the Supervisor of Banks has declared a state of emergency for the purpose of implementing the Governor s permit (set below in Appendix A), in full or in part, a banking corporation may: (1) temporarily relocate a branch, including to a location that another bank allows it to occupy, provided that its staff continue to run the relocated branch; (2) conduct business at mobile branches as set forth in Section 14 of the Directive; (3) provide basic banking services to its customers by means of branches of other banks or of the Postal Bank, subject to arrangements that the Supervisor shall approve in advance. (b) A banking corporation shall serve the Supervisor with written notice about the temporary relocation of a branch or the activation of a mobile branch. Mobile branches 15. (a) Each banking group or independent bank that operates a network of branches comprised of at least 30 branches shall be prepared to activate mobile branches in a state of emergency, in accordance with the circumstances that evolve. (b) The minimum ratio of mobile branches shall be one for every 50 branches in the possession of the banking corporation on a group basis, in round figures.
19 Page (c) A banking corporation shall determine in its policy how many of its mobile branches will be of the kind that operate out of a suitable motor vehicle. (d) In accordance with the authority of the Supervisor of Banks under Section 2.5 of the Governor s permit, a banking corporation shall deploy to offer the following banking services at a mobile branch: (1) withdrawal of cash, including by customers of other banks; (2) deposit of cash; (3) drafting and depositing of checks; (4) operating service boxes; (5) transfers from account to account. (e) A banking corporation that wishes to offer additional banking services shall do so only after obtaining prior approval from the Supervisor of Banks. (f) Banking corporations shall ensure the availability of the relevant infrastructures for the operation of the mobile branch. (g) Banking corporations shall assess the risks associated with the activation of mobile branches and shall have an appropriate working procedure and adequate means of control and information security in place. Dispensations for the population 16. (a) Within the framework of the emergency deployment, temporary dispensations from Proper Conduct of Banking Business Directives are necessary so that the population can more easily obtain banking services in emergencies. (b) The dispensations specified in Appendix B shall go into effect only when the Supervisor of Banks so declares. The timing and duration of the dispensations may vary from place to place, as may the geographical area to which the dispensation applies. These parameters shall be expressed at the time the Supervisor of Banks announces that the dispensation will go into effect.
20 Page Identifying persons who lack official documentation 17. (a) Banking corporations shall develop tools for the identification of customers who lack official documentation, maintaining adequate controls and limiting exposure to risk. (b) An internal working procedure for the identification of customers who lack official documentation in a state of emergency shall go into effect after the bank obtains approval from the Supervisor of Banks. Reporting to the Supervisor of Banks 18. (a) When the Supervisor of Banks declares a state of emergency and in accordance with a special announcement, banking corporations shall be required to report to the Supervisor of Banks in accordance with a reporting format that shall be specified in the Reporting to the Supervisor of Banks Directives. (b) Notwithstanding the provisions of Subsection (a), banking corporations shall immediately advise the Supervisor of Banks of any of the following events: (1) an exceptional operational disruption that has a material effect on the banking corporation; (2) the implementation of an emergency procedure by the banking corporation.
21 Page Appendix A The Governor Bank of Israel General Permit to Banks for the Opening and Relocation of Branches in a State of Eemergency Under the Banking (Licensing) Law, By virtue of the authority vested in me by Section 28 of the Banking (Licensing) Law, , and after consulting with the Licenses Committee, I hereby authorize a bank, subject to the declaration by the Supervisor of a State of Emergency for the purposes of this Permit: 1. to temporarily relocate a branch, for a period of time that shall end, at the latest, upon the cancellation of the Supervisor s declaration as aforesaid, to a new location in Israel, provided that the Supervisor be served with notice near to the time the relocation takes place; 2. to conduct business in Israel with its customers and to provide services to customers of other banks that it controls (hereinafter: controlled banks) at mobile branches, under the following conditions: 2.1 In this Permit, a mobile branch is a branch that is movable and that may be operated in different locations, including from a suitable motor vehicle; 2.2 The mobile branch shall carry appropriate signage of the bank; 2.3 Activity vis-à-vis customers shall take place only on the premises of the mobile branch. Transactions with customers shall be documented in the records of the bank or of the controlled bank; 2.4 Employees of the mobile branch shall be employees of the bank and/or of controlled banks and shall be adequately trained for the discharge of their duties; 2.5 The Supervisor shall determine the minimum banking services that the bank shall provide at the mobile branches and shall approve the range of possible banking services at the mobile branches;
22 Page The controlled bank shall be fully responsible vis-à-vis its customers for any transaction as aforesaid. The bank and the controlled bank shall set conditions for the imposition of the bank s responsibility on the controlled bank; 2.7 The Supervisor shall be served with notice, near to the time of the opening and closing of the mobile branch, including the number of open mobile branches of the bank on a given day and such additional details as the Supervisor shall request; 3. to provide its customers with basic banking services via permanent or mobile branches of another bank, or via the Postal Bank, under an arrangement comprised of terms that the Supervisor of Banks shall approve. The Supervisor is entitled to declare a state of emergency for the purpose of this Permit, in whole or in part. [Signed] Stanley Fischer Jerusalem, Tammuz 29, 2010, July 11, 2010 r
23 Page Appendix B Possible Dispensations for the Population in a State of Emergency Below is a breakdown of possible dispensations for the population that shall go into effect when the Supervisor declares a State of Emergency for the purpose of implementing the dispensations. It is suggested that the dispensations be read together with the original text of the Directives. 1. Proper Conduct of Banking Business Directive 325: Management of Credit Facilities in Current Accounts a. Notwithstanding the provisions of Section 8 of the Directive for the purpose of limitation of sums, when the Supervisor declares a State of Emergency and, at the most, up to 30 days after the cancellation of the declaration, a banking corporation may refrain from applying the provision of the Directive to overdrafts in sums that shall not exceed the sum set by the Supervisor in his/her announcement. 2. Proper Conduct of Banking Business Directive 357: IT Management Chapter G, Electronic Banking Services a. Notwithstanding the provisions of Section 20(a) and Section 20(b)(1) of the Directive, during the term of the Supervisor s declaration of a State of Emergency, it shall be possible to relax the procedures for enrolling in Service Level (1) and Service Level (2), all of which under the following conditions: (1) It shall also be possible to enroll in Service Level (1) and Service Level (2) via a manned call center, provided that the conversation with the customer is recorded. (2) Identification at the manned call center referenced in Subsection (1) above shall also take place by means of items of information that have been recorded with the banking corporation (e.g., specific questions pertaining to the customer s account). Special care should be taken in
24 Page identifying customers who have not subscribed to the telephone instruction service as specified in Proper Conduct of Banking Business 435. (3) Banking corporations shall cancel the service if the customer fails to complete a regular procedure for enrolling in the service within 30 days of the end of the state of emergency. (4) Banking corporations shall approve the customer s enrollment in the service by sending a text message, an , or notification by telephone. (5) The banking corporation shall perform a prior assessment of the risks associated with the implementation of the relaxed procedure and, accordingly, shall install compensatory controls such as limitation of sums, sending of a text message after the performance of a transaction, etc. b. Notwithstanding the provisions of Section 26(d) of the Directive, during the term of the Supervisor s declaration of a State of Emergency, the list of beneficiaries shall not be invalidated and the customer shall be given an extension of the 30 days from the end of the State of Emergency to approve the list of beneficiaries as set forth in Section 26(a). c. Notwithstanding the provisions of Section 27(d) of the Directive, during the term of the Supervisor s declaration of a State of Emergency, a banking corporation may refrain from sending notices even by ordinary post, provided that said notices are sent out as the Directive and the due diligence rules require once the State of Emergency has ended. 3. Proper Conduct of Banking Business Directive 358: Conduct of Business Away from Banking corporation Offices a. Notwithstanding the provisions of Section 3 of the Directive, during the term of the Supervisor s declaration of the State of Emergency, for the purpose of applying the Governor s general permit to banks to open and relocate
25 Page branches in a State of Emergency, a banking corporation may invoke the dispensations set forth in the Supervisor s declaration. 4. Proper Conduct of Banking Business Directive 435: Instructions by Telephone a. Notwithstanding the provisions of Sections 2 and 3 of the Directive, during the term of the Supervisor s declaration of the State of Emergency, a banking corporation may relax the conditions for customer enrollment in a telephone instruction service under the following conditions: (1) The customer shall confirm his/her consent to the performance of instructions given by telephone via the telephone call center and the digital call center, provided that the conversation is recorded. (2) The banking corporation shall confirm the customer s enrollment in the service by means such as text message, , or notification by telephone. (3) The banking corporation shall cancel the service if the customer fails to complete the regular enrollment process within 30 days of the end of the State of Emergency. (4) The banking corporation shall perform a prior assessment of the risks associated with the implementation of the relaxed procedure and, accordingly, shall install compensatory controls such as limitation of sums, sending of a text message after the performance of a transaction, etc. 5. Proper Conduct of Banking Business Directive 439: Debits by Authorization a. Notwithstanding the provisions of Section 8(b) of the Directive, during the term of the Supervisor s declaration of the State of Emergency, a banking corporation may carry out instructions to cancel an account's direct debit authorization received by telephone as well. ***
26 Page Updates Circular 06 no. Version Details Date 2318 Original Directive Dec. 25, Revision May 26, 2014
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