Among its responsibilities, the ISA is in charge of regulating diverse areas of activity related to the capital market and its many actors including public companies, investment advisors, portfolio managers, mutual funds, credit rating agencies, underwriters, trading platforms and the TASE. The ISA leads and promotes regulatory policy related to these activities.
The ISA staff initiates and leads legislative projects regarding general ISA operations (such as legislation related to ISA authority and powers) and specific legislative initiatives that concern a specific area of operation. Legislative initiatives include all types of primary and secondary legislation.
The over-riding goals of legislative amendments are generally to improve market efficiencies and ensure that the markets function properly, to open the market to additional actors or new instruments, or to remove any obstacles caused by a combination of provisions of various laws. To promote these goals, the staff constantly monitors the Israeli legislation and those emerging around the world, and when necessary, the staff takes steps to incorporate the relevant arrangements within Israeli legislation, in order to meet accepted standards.
The ISA staff is responsible for promoting legislative amendments until they becomes binding. To this end, the ISA staff constantly works with government ministries, the Knesset, and other agencies involved in the legislative process. At the various stages of the legislative proceedings, the staff maintains an ongoing dialogue with the various regulated entities and with the investor public. The ISA believes that balanced and commensurate regulation should develop from a dialogue with the public and the regulated entities. The ISA therefore conducts a structured process of public hearings and detailed responses.
After a new legislation comes into effect, the ISA staff also assists the regulated entities and the general public in interpreting the new regulations.
Alongside these legislative tasks, private and government bills that directly affect the ISA and its areas of responsibility are submitted from time to time. In these cases, the ISA staff submits responses to the bills and presents its position to the relevant authorities – government ministries, the Ministerial Committee for Legislation, and the Knesset.
Through the ISA website and other media channels, the ISA staff also provides current information to the public on the progress in legislative proceedings, and summarizes for the public the various issues and positions concerning each legislative proceeding in real time, with the aim of facilitating a comprehensive, grounded debate that will help establish commendable regulations