The ISA decided to reduce the fees paid to it by public companies by 15%
The decision was made due to the increase in the number of entities supervised by the ISA, as well as due to the increase in their business activities, characterized, inter alia, by a growing number of new issues since the beginning of 2008. The reduction in fees will not apply to the dual-listed companies, since they already pay only 50% of the stipulated fee.
During the last years, following the growth experienced by the capital market, the ISA had reduced the fees collected by it from reporting companies, mutual funds and the TASE. The fees comprise a significant part of the Israel Securities Authority budget, and at the time of growth on the capital market, it decreases the aforesaid fees in order to aid the companies and the stock exchange. For example, during 2004-5 the ISA had reduced the fess by 15%, in 2006 – by 20%, and in 2007 – by 15%.
Since the reduction of the fee is made close to pay date, August 1, the ISA proposes to extend the aforesaid date to September 1.