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Structural reform at the ISA: Merger of Mutual Funds Department and Supervision of Investment Advisers Department
Main aim of the merger – to improve supervision over assets' managing entities and to advance strategic changes. Mr. David Lavi, head of the Funds Department, is to head the newly formed department 
Funds Department, is to head the newly formed department Mutual
 
Recently, a new Investment Department has been created by the Chairman of the ISA, Prof. Zohar Goshen. The new department merges two existing departments - Mutual Funds Department and Licensing and Supervision of Investment Advisers, Investment Marketers and Portfolio Managers Department. The Investment Department is to supervise various investment brokers (Mutual Funds, Portfolio Managers, Investment marketers and Investment Advisers).  
 
Creation of the new department comes as a result of strategic rethinking carried out by the ISA following the Bachar reform. Under this reform the management of public assets was transferred from the banks into the hands of private entities carrying out varied financial activities - supervised by the ISA - as part of a single framework, thus transforming the banks –main providers of investment advice to the public – into entities offering professional and non-biased investment advice. As a result, the need for tighter and more efficient supervision of investment brokers arose. The ISA decided to handle this challenge by creating a new, more effective model, for regulating the field, by better utilization of its existing human resources. 
 
There are 30 staff members at the newly created Investment Department, headed by David Lavi, who up until now acted as the Director of the Mutual Funds Supervision Department. Henceforth, are the details regarding department's other senior staff and their areas of responsibility:
 
Ms. Ita Shohat – heads the licensing unit, granting license to fund managers, investment managers, investment marketers and with completion of the new legislation – licensing foreign entities offering their services in Israel under amendment 11 of the Investment Advice Law and amendment 13 under the Mutual Investment in Trust Law.
 
Ms. Sarah Kendler, Adv. – coordinates all proposed legislation and other strategic steps supporting the change in the field of licensing and supervision of financial brokers
 
Ms. Sharon Offir - heads the unit supervising mutual funds and coordinating their on-going supervision.
 
Mr. Elhanan Harmor - heads unit supervising licensees and coordinating on-going supervision over portfolio managers, investment managers and investment marketers.
 
Mr. Igor Ivnitsky, Charted Accountant – heads the auditing unit coordinating on-going supervision over trust funds and trust fund trustees.
 
Ms. Dorit Gilat, Adv. – is the legal adviser of the Investment Department.

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