ISA :: News Releases

The Bank of Israel’s Banking Supervision Department and the Israel Securities Authority today published a joint position paper regarding a possible work outline related to the issuing, by ETN issuing companies, of exchange traded notes which track the bank shares index. The proposed course of action is in line with the provisions of the relevant laws and allows those companies to hold banks’ shares as an underlying asset of the ETN.

The Chairman of the ISA, its members and employees mourns the painful death of Lt. Col. (res.) Amotz Greenberg

20/07/2014

A Warning to the Public from the Israel Securities Authority on the Dangers of Unregulated Investments

11/06/2014

The ISA would like to stress the importance of investing through regulated parties, and the level of caution that should be exercised in transferring money to unregulated parties. The list of financial agents and regulated parties on the ISA's website can be used to ascertain if a certain party is regulated by the ISA

The Committee to Promote Investments in Public Companies Engaged in R&D submits its final recommendations to ISA Chairman: dispensations and incentives for high-tech firms listing on TASE, tax benefits and the establishment of exchange-traded VC funds str

21/01/2014

The Committee to Promote Investment in Public Companies Engaged in R&D Submits its Interim Report to the ISA Chairman

11/06/2013

The Israel Securities Authority released its 2012 Annual Report, with a view to the future: more market development, less stringent regulation

23/04/2013

This morning, Professor Shmuel Hauser, the Chairman of the Israel Securities Authority, presented the 2012 Annual Report of the Authority to the Minister of Finance and the Chairman of the Knesset Finance Committee. The Report presents the Authority’s wide range of activities to protect investors, develop the local market and increase the confidence of the public in the capital market.

The ISA. Bank of Israel and the Ministry of Finance - Fit & Proper - Criteria for examining reliability

01/12/2010

Kasher Committee Submitted Its Recommendations to Moshe Tery

19/12/2009

Proposes mechanisms to classify information websites according to transparency, control and dialogue with users.

New ISA Initiative to Increase Competitiveness on the Mutual Fund Market: Fund Managers will be Able to Refund Management Fees

03/12/2009

Amendment to the Joint Investment in Trust Law will allow for better competition among Fund Managers for clients' coverage; in March Knesset had approved another ISA initiative, in the same area, which allows Fund Managers to reimburse management fees to their clients.

New Initiative by the ISA: "Dual Listing" of American and British Mutual Funds and their offer to the public in Israel.

26/11/2009

Amendment to the Joint Investment in Trust Law that promotes the aforesaid initiative has been approved by the plenum of the ISA. The chairman, Mr. Moshe Tery said: "This is a big step toward the strategic goal of capital market improvement. We are constantly acting toward creating a legal infrastructure that will allow introduction of new financial instruments".

Israel Securities Authority had fined a bank, fund managers and trustees in the sum of 580,000 NIS

30/10/2009

The fines were imposed for violations under the Joint Investment Trust Law, including deviations from investment policies, deviations from values guarantees in options' transactions and publications and reporting contrary to the regulations of the Law.

The ISA plans to publish guidelines requiring companies, issuing ILNs, to calculate and present the risks derived from their coverage policy

26/10/2009

The ISA plans to publish a detailed model for calculating and presenting risks related to companies that issue ILNs. The guidelines are aimed at improving transparency pertaining to coverage strategies of companies and at the creation of a single model for comparing between the existing risk management, of similar ILNs issued by various companies, and managed at different risk levels.

Approval of new underwriting regulations by Minister of Finance

18/10/2009

Minister of Finance Abraham Hirshzon, had signed the draft proposal of Regulations leading to reform on the underwriting market; the proposal was initiated by the Israel Securities Authority. The approval of said Regulations, by the Finance Committee of the Knesset, will complete the revolution on the underwriting market.

Director of Intelligence at the ISA, Avi (Aviezer)Dannon, Appointed as General Secretary of the Israel Securities Authority; in place of the retiring Meir Bakalinik

17/10/2009

This week Director of Intelligence at the ISA, Avi (Aviezer) Dannon, was also appointed as General Secretary of the ISA. Avi Dannon will replace the retiring veteran Secretary, Meir Bakalinik, and will act concurrently in both positions.

Trust fund has a profile

05/10/2009

The ISA is initiating a proposal that will obligate trust funds to classify themselves in accordance with the level of the trust funds' exposure to investment in shares and foreign currency. This step will turn the Israeli trust fund market, considered to be one of the most transparent ones, into an even more transparent one. The exposure profile, as part of the fund's classification that includes new headings characterizing the fund, is expected to improve transparency and to make the disclosure more effective.

Dr. Shlomit Zuta Appointed Chief Economist of the Israel Securities Authority

04/10/2009

Dr Shlomit Zuta, from the School of Businesses Administration at Tel Aviv University, has been recently appointed Chief Economist of the Israel Securities Authority.

Israel Securities Authority considers to require companies to disclose the adoption of IFRS in their board of directors' report

19/09/2009

A draft proposal, concerning disclosure requirements related to the adoption of the IFRS by public companies, had been recently published by the ISA for public comments. The required disclosure will provide important explanation to both investors and the public, that make use of financial statements; it will also provide useful, relevant and reliable information, ahead of time, which will assist investors in understanding the principals of transfer and the results of adopting new standards of financial reporting.

Yael Almog from Tel Aviv's District Attorney Office (taxation and an economy) appointed as Senior Adviser to the Chairman of the ISA and as Director of International Department

10/09/2009

Yael Almog, Attorney at Law from the District Attorney's Office in Tel Aviv (taxation and economy), was recently appointed Senior Adviser to the Chairman of the ISA and Director of International Department of the Israel Securities Authority. Almog will replace Lisa Haimovitz, who filled these positions during the last years and had announced her intention to retire from the ISA, about two months ago, in favor of joining the private sector.

ISA and TASE to Launch New Financial Instrument: “Kranot Sal” - ETF/ETN Hybrids Traded on TASE

08/09/2009

Following the situation in the north of the country the ISA will provide additional examination dates to the residents of the north and to those mobilized during the war – "the miluimniks"

01/08/2009

The ISA had decided to add another examination date, for those applying for investment advice, investment marketing and portfolio management license, following the military escalation on the Northern front as well as due to rocket attacks on northern cities, which disrupted the regular rhythm of daily life.

Lisa Haimovitz, Attorney at Law, Senior Adviser to the Chairman of the ISA and Director of International Department had announced her retirement

02/07/2009

Yael Almog, Attorney at Law from the District Attorney's Office in Tel Aviv (taxation and economy), was recently appointed as the Senior Adviser to the Chairman of the ISA and as Director of International Department of the Israel Securities Authority. Almog will replace Lisa Haimovitz, who filled these positions during the last years and had announced her intention to retire from the ISA, about two months ago, in favor of joining the private sector.

Finance Committee of the Knesset approved the proposal to tighten the Maintenance List rules submitted by the ISA and the TASE

19/06/2009

The Finance committee of the Knesset had approved the proposal to tighten the rules pertaining to companies on the Maintenance List of the Tel Aviv Stock Exchange. The proposal was jointly submitted by the ISA and the TASE. From now on the required value of public holdings will rise from 2.4 million of NIS to 5 million of NIS. Thus, the required rate of public holdings will rise from 7.5% to 15%; the value of public holdings that provides exemption from the aforesaid criteria will rise from 8 million of NIS to 15 million of NIS.

Israel Securities Authority approved guidelines forbidding investment advisers to accept bonuses and incentives from producers of financial products

14/06/2009

The new guidelines approved this week by the ISA, state that: Investment adviser is precluded from accepting bonuses and incentives from producers of financial products, or their representatives, regardless of whether the incentive is personal or distributed to all employees of the branch where the aforesaid adviser is employed.

ISA and Bank of Israel signed Memorandum of Cooperation regarding exchange of information on system of payments and clearing of payments

20/04/2009

ISA and Bank of Israel signed a memorandum of Cooperation aimed at creating a mechanism for sharing information on the system of payments and clearing of payments. The Memorandum was signed by the Supervisor of the Secondary Market at the ISA, Mr. Ronen Madar, and the Supervisor of Accounting, Payments and Clearing Department at the Bank of Israel, Mr. Rafael Lankri.

Chairman of the ISA, Professor Goshen: "Controlling shareholders have to accept that part of the company does not belong to them"

02/04/2009

"Institutional investors have to formulate fair bonds' arrangements to save pension plans. Without a fair arrangement large sums of money will be lost. Controlling shareholders, particularly in companies facing repayment difficulties, have to internalize the fact that the companies are no longer under their sole control. They will have to make significant concessions as part of settling their bond' debt."- said professor Goshen at the conference organized by the ISA on the issue of "Challenges of Supervising Corporations on the Capital Market".

Rating Reform is underway: ISA approved the Bill regulating supervision of rating companies

31/03/2009

Rating companies will be required to register with the ISA and comply with the following requirements - regulation of potential conflicts of interest, conflicts of interest, ensuring reliability of information used by the companies for rating purposes and transparency of the rating process.

Goshen and Antebi published clarifications as regards options open to insurance companies, provident funds, pension funds and mutual funds for debt refinancing

18/03/2009

Today, Capital Market Supervisor, Mr. Yadin Antebi, and the Chairman of the ISA, Professor Zohar Goshen, have published clarifications regarding the options open to insurance companies, provident funds, pension funds and mutual funds for debt refinancing.

A study by the ISA shows: Trade volume and share prices rise following dual Listing of companies

18/02/2009

The statistical data shows an average rise of 97% in trade volume of shares, as well as an 8.5% rise in share prices, of companies registered both on the US and the Tel Aviv stock exchanges, in contrast to prices and trade volumes of the same shares at the time they were traded on the US stock exchange only. These are the findings of the study preformed by the ISA. The study was carried out by Prof. Shmuel Hauser, who until the end of 2005 was the ISA's chief economist and Ms. Rita Yankelevitch from the ISA's Economic Department.

Offer of Securities to Qualified Investors

07/02/2009

The Securities Law stipulates that the offer of securities to the public requires publication of a prospectus. Corporations, whose securities are offered according to a prospectus or are registered for trade on the stock exchange, have to submit regular reports in accordance with the Securities Law and its Regulations. One of the exceptions to this requirement, to publish a prospectus, is an offer to investors considered by the legislator as not being in need of protection, at the time when securities are offered to them. These investors are characterized by their ability to made educated decisions, hence the legal protection, provided by the law, is not essential for them. These investors are usually termed "Institutional", "Qualified" or "Classified". The term "qualified investors" is also used in other context in the securities laws, particularly in cases where the legislator finds it appropriate to differentiate between a "small investor", for whom all the legal protections are created, and those defined as "qualified investors". The subject of the present paper is: "Who is to be included on the qualified investors' list?"

Another step toward increasing transparency on the captal market: the ISA regulates Pre-Ruling: From now on Pre-Ruling will apply to all supervised entities and the decisions

05/02/2009

The ISA has decided on the Regularization of Pre-Ruling, which is currently available to public companies. The regularization applicable up until today to public companies will be expanded to all supervised entities and will include mutual funds' management companies, trustees, investment advice licensees, investment marketing licensees and licensed portfolio managers. All questions and answers addressed to them will be published on the ISA website. The plenum of the ISA had decided to publish the Procedure for Pre-Ruling Regularization, for public comments; following the reception of comments the procedure will go into effect. (https://www.isa.gov.il/english/meliaa/cat_details.asp?cat_id=2)

Israel Securities Authority published guidelines requiring companies to disclose additional details pertaining to the authorization process of bonuses to senior corporate officers

17/01/2009

Last week the ISA had published guidelines, requiring companies to disclose additional details pertaining to the authorization process of bonuses, to senior corporate officers, for public comments. Lately, this subject was in the center of public debate in connection with bonuses recently approved by Bank Hapoalim and by Bank Discount. Bonuses, awarded to senior questions as well as process authorization the regarding questions raised have officers, corporaterelated to disclosure of said authorization, its influence on the company's business and considerations pertaining to the effectiveness and appropriateness of the aforesaid bonuses.

Approved by the Knesset: Public Companies are required to report on internal auditor's activities, critical accounting estimates and acquisition of assets

07/01/2009

Last week, the Financial Committee of the Knesset had approved ISA's guidelines in three important areas: internal auditor's activities, critical accounting estimates and acquisition of assets. All of the aforesaid guidelines were binding for the last two years and lately it was decided to set them under regulations.

ISA initiates creation of mechanism facilitating the return of bond money, raised by companies, to investors as well as to carry out repeat fund raising

25/11/2008

Bond holders and trustees of companies facing financial difficulties will appoint credit officers for negotiating settlements between companies and their bond holders. The three largest bond holders will represent all investors in the aforesaid settlement negotiations. The existing prohibition, applicable to reporting corporations, to coordinate policy in order to arrive at the settlement will be repealed.

Finance Committee Approves Regulations Allowing EIB to Issue Securities in Israel without Prospectus

28/10/2008

The Finance Committee of the Knesset has approved the regulation, initiated by the ISA, allowing EIB to issue securities in Israel, under the arrangement similar to the one authorizing the issue of special securities in Israel by the World Bank; the World Bank amendment to the Securities Law went into effect in March 2005

The ISA has approved the publication of a regulation requiring companies to disclose anticipated cash flow for covering financial liabilities

24/09/2008

The ISA has approved the publication of a regulation requiring publicly traded companies to disclose the financial sources by means of which they will disburse their liabilities during the two year period following the publication of their financial statements (periodic or quarterly).

ISA Wins "Accessible Government Institution" Contest, for the Third Time

13/09/2008

For the third year running, the ISA has won the "Accessible Government Institution" award. The ISA was rated first among governmental institutions, whose online services were monitored during the competition. "Accessible Government Institution Award" is awarded, by the Finance Ministry's Treasury Department, to outstanding governmental institutions and local authorities, for best online services.

Dr. Tzvi Gabai – in charge of enforcement at the ISA

19/08/2008

Attorney at Law, Dr. Tzvi Gabai, has been appointed in charge of enforcement at the Israel Securities Authority. The decision to appoint Dr. Gabai was made by the appointing committee, formed by the ISA chairman Prof. Zohar Goshen subsequent to last month's retirement of Attorney Pnina Guy, form the aforesaid post. Dr. Gabai has been chosen from a group of candidates who applied for this position following the publication of a public tender

ISA Will Identify Securities Transactions, Made by Institutional Entities, through Special Tags

18/08/2008

Information included in the data transferred from the TASE, to the ISA's computer system, allows clear identification of those involved in securities transactions according to a number attached by a member of the stock exchange to each one of his clients

Fines, against Companies Breaching the Securities Law, Enacted by ISA for the First Time; Total sum about– 390,000 NIS

06/08/2008

The ISA expects that once this enforcement tool becomes customary it will turn into a major deterrence factor. The fines collected by the ISA are transferred to the Treasury

Another step in increasing transparency of ILN's and indexed products: companies specializing in ILN's and other indexed products are to publish full financial characteristics

29/07/2008

The ISA approved draft regulations intended for companies offering indexed products to the public. The regulations require companies to publish full disclosures pertaining to financial and other data concerning ILN's, commodities certificates, deposit certificates and cover options, issued by them. The requirements listed under these regulations have been formulated on the basis of experience accumulated as a result of examining prospectuses and periodic reports published by the issuers of the aforesaid financial instruments.

Structural reform at the ISA: Merger of Mutual Funds Department and Supervision of Investment Advisers Department

07/07/2008

Main aim of the merger – to improve supervision over assets' managing entities and to advance strategic changes. Mr. David Lavi, head of the Mutual Funds Department, is to head the newly formed department

ISA Decreases Fees Paid to It by Public Companies by 15%

01/07/2008

The ISA decided to reduce the fees paid to it by public companies by 15%

ISA Annual report for 2007 has been published: main points –continuous growth in capital raising, significant increase in license' applications, Israel's improved stand on the international arena

18/06/2008

276 issues were completed; of them 96 were new issues. Total capital raised and allocated has reached more then 119 billion NIS.

ISA Initiates Legislative Amendment - Company to Exclude from Offer of Rights Shareholders residing in a Foreign Country in return for fair compensation

27/03/2008

Financial Committee of the Knesset approved ISA proposal to permit EIB to issue securities in Israel while exempting it from publishing prospectus

27/01/2008

Knesset approved regulations proposed by ISA to broaden reporting on compensation of Senior Corporate Officers and transactions with controlling shareholders

27/01/2008

Following Hauser Committee Recommendations on Stock Market Manipulation: Israel Securities Authority Approves Changes in TASE Trading

28/12/2007

The Knesset Ratifies Amendment to the Securities Law Paving the Way for ISA Entry into Cooperation Agreements with Foreign Securities Commissions

22/12/2007

Knesset Finance Committee Approves ISA Initiative to Reform Investment Advisor, Marketing Agent and Portfolio Manager Licensing Exams

14/12/2007

Mr. Hani Haj Ihiya, CPA, appointed a member of the ISA plenum

27/06/2007

Mr. Hani Haj Ihiya, CPA, was appointed a member of the ISA plenum by the Minister of Finance Mr. Ehud Olmert on June 27, 2007.

Israel to Sign IOSCO MMoU

11/06/2007

ISA approves general draft for implementation of Goshen Report

14/02/2007

ISA Research Tracks Impact of Terrorist Attacks on TASE Trading: Terrorist Attacks Promote Investor Shift to Government Bonds, Surgical Retaliation Does Not Affect Stock Prices

16/01/2007

ISA Adopts Final Version of the Goshen Report

17/12/2006

The Goshen Committee recommendations focus on improvement of director independence, particularly regarding approval of related party transactions, improvement in the workings of auditing\balance committees, pertaining to approval of company's financial statements, improvement of corporate disclosure and accountability and establishment of a Court for Securities and Corporate Offences.

Israel enters international issuing market

Israel and France signed a mutual recognition agreement permitting the offer of securities in one of their countries on the basis of prospectuses authorized in the other country.

The Finance Minister has approved permitting the European Investment Bank to issue securities in Israel without publishing a prospectus

Finance Minister approves proposed legislation to allow large portfolio management from certain other countries to ofer services in Israel

Finance Minister approves ISA proposal to permit large portfolio management firms, registered and supervised in certain countries, to offer their services in Israel without being registered here. Finance Minister Roni Bar-On: "This step will improve the competition in the field of investment advice services in Israel and facilitate the access of Israeli investors to services provided by leading international entities."

ISA Adopts XBRL

The XBRL revolution is here: Beginning in January of 2008, Israeli public companies will start reporting using XBRL

ISA announces new Department for Supervision of the Secondary Market

The ISA will require analysts to make disclosures pertaining to possible conflict of interests

New on ISA website - Daily Changes in the value of funds' assets according to their classification

Final recommendations of the inter-ministerial committee on custodial services in Israel's capital market

12/2011
Professor Shmuel Hauser, Chairperson of the Israel Securities Authority: "The global financial crisis increases the need to adopt measures to protect customers' assets, in light of the rise in the risk of the collapse of financial institutions around the world. The committee's conclusions will make Israel's capital market more attractive to foreign investors as an investment target."