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Senior Staff
Ms. Anat Guetta – ISA Chairwoman
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Ms. Anat Guetta was appointed as Chair of the ISA on January 2018. Anat Guetta co-founded Entropy Financial Research Services Ltd., which advises institutional investors on corporate governance, proxy voting, and activity in the capital market. She served as CEO of the firm from its inception in December 2010 until August 2017. During her tenure, she advised institutional investors, created a platform for cooperation with Entropy's U.S. counterpart (ISS), and led the development of a voting policy, a corporate governance index, and a debt management policy. In 2005, Guetta led the formation of Arko Holdings Ltd., which is traded on the Tel Aviv Stock Exchange, and served as CEO of the firm from its inception until 2008. In the years 1993 to 2005, Guetta served in various positions in Bank Mizrahi-Tefahot Ltd. In her last position in the bank, as an economist in the business banking division, she developed and managed the area of credit risk products, allocation of credit to institutional investors, and project finance. Guetta holds an MBA ('05) with a specialization in finance from Netanya Academic College and a BA ('93) in Political Science and Economics from Bar Ilan University. |
Mr. Oded Spirer, Adv. – Director General
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Spirer has served as Director General of the ISA since 2019. He previously held the position of secretary general of the ISA and director of the Administration, Finance & Human Resources Department for a period of nine years. He also served as chair of the inter-ministerial committee for continuity of TASE operations during emergencies, appointed by the Minister of Finance. From 2001 onward, after serving in several positions in the ISA investigations and intelligence department, Oded Spirer was promoted to deputy director of the department. Spirer earned an LLB degree, a BA degree in business administration, and an LLM degree at the Interdisciplinary Center of Herzliya (IDC). |
Mr. Amir Wasserman, Adv. – General Counsel
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Amir Wasserman is the General Counsel and Head of the Legal Department at the Israel Securities Authority (ISA). As General Counsel he has the overall responsibility for all legal matters and activities performed within, or involving, the ISA. Wasserman joined the ISA in 2001 as a lawyer at the Corporate Finance Department, where he gained expertise with regulation of public companies. In 2005 he left the ISA and joined Rosenberg, Hacohen, Goddard & Ephrat law firm, where he worked as an associate and a partner in the field of capital markets. In 2006 Wasserman published, with a colleague, the book "Corporations and Securities", on the subject of regulation applying to corporations that offer their securities to the public. Wasserman returned to the ISA in 2011, to serve at his current position, as the General Counsel and Head of the Legal Department at the ISA. In the last years he also teaches a course on securities laws at the Faculty of Law of the Hebrew University of Jerusalem. Wasserman holds a degree in Law and Economics (LLB & B.A), and a Master in Economics and Business Administration, both degrees from the Hebrew University of Jerusalem, as well as a Master in Public Administration from Harvard University. |
Mr. Hanoch Hagar, Adv. – Senior Advisor to ISA Chairwoman
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Will be updated soon
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Mr. Offir Eyal, Adv. – Director of the International Affairs and Business Development
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Offir Eyal joined the ISA in 2010. He is currently serving as Director of International Affairs and Business Development Department. He previously (2017-2019) held the position of Senior Advisor to the Chair and as the Director of the International Affairs Department. In his former position, Adv. Eyal served as head of the ISA's Private Enforcement Unit. This was a pioneering role and he worked intensively to increase the ISA's involvement in private enforcement of securities and corporate laws as well as to increase awareness that private enforcement can and should be a significant means of enforcement in these areas. Prior to joining the ISA, Adv. Eyal worked with some of Israel's leading Israeli law firms, including Danziger, Klagsbald & Co. Associates and A. Klagsbald & Co., advising some of the largest and leading business players on complex civil litigation, focusing on contract and administrative issues. Adv. Eyal holds a degree in law from the Hebrew University of Jerusalem and an LLM degree (with Honors) from the University of New South Wales (UNSW) in Sydney, Australia. |
Ms. Zippi Gez, Adv. – Director of the Investigations, Intelligence, and Market Surveillance Department
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Ms. Gez joined the ISA in 1999. She began her career as an attorney in the Securities Department of the District Attorney's Office (Taxation and Economics). As an attorney she managed complex large-scale criminal cases involving securities offenses and penal law violations. In April 2007, Ms. Gez was appointed legal advisor to the Investigations Department and subsequently served concurrently as the legal advisor and deputy director of the Investigations, Intelligence, and Market Surveillance Department. In this capacity, Ms. Gez oversaw numerous complex investigations including Heftziba, Psagot, Manofim Finansim, Dankner. Siemens. Melisron, Evogene, Bramli, and others. She was also partner to the assimilation and implementation of the administrative enforcement law in the department. Ms. Gez holds a BA in communications, and LLB and LLM degrees from the Hebrew University of Jerusalem, both with honors. In 2017, Ms. Gez was appointed Director of the Investigations Oversight Department of State Attorney's Office (Taxation and Economics). In January 2018, she was appointed Director of the Investigations, Intelligence and Market Surveillance Department. |
Mr. Ilan Gildin – ISA Chief Economist and Strategic Advisor
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For the past five years, Gildin has served as the macro-economist of the investment division of Amitim – The Defined Benefit Pension Funds. In this capacity, Gildin led the development of the organization's macro-economic forecasts, investment strategies in major markets, and in-depth research on the impact of technological innovations on investment patterns. Gildin began his professional career as an officer in the Unit of the Financial Advisor to the Chief of the General Staff (the Budget Division of the Ministry of Defense). Gildin was also involved in the defense budget negotiations with the Ministry of Finance and other government ministries, and was a member of the team that worked to secure parliamentary and government approval of the defense budget. Gildin also served as a member of the Bank of Israel Economic Forecasters Forum and the Chief Economist of the Ministry of Finance. In addition, Gildin lectures at the School of Economics, the Collage of management, and has received awards for his outstanding achievements in Amitim and the College of Administration. Gildin holds a graduate degree in diplomacy and business management from Tel Aviv University, and a bachelor's degree in economics from Haifa University. |
Ms. Hadar Horn – Spokeswoman and Head of Investor Education
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Mrs. Horen serves as the spokesperson of the Israel Securities Authority and Head of Public Education since May 2018. Prior to that, she served as the spokesperson of a government unit in the Ministry of Defense and in that, capacity took part in Israel's international PR efforts. She was a member of the senior management and participated in the National Information Directorate forum in the Prime Minister's Office. In the past, she played a leading role in media policy in the context of major reforms and campaigns carried out by the spokesperson's office in the Ministry of Finance, including the State of Israel's financial statements and the State Budget. Before that, Mrs. Horen worked at Concord Strategic Solutions where she served as media advisor to international and Israeli companies in the private sector and particularly on the financial and technological fields. In addition, Horen served as a consultant for public affairs to the minister of public security. Mrs. Horen holds a BA in Political Science from the Hebrew University of Jerusalem. She is a graduate of an executive training course given by the Ministry of Finance together with ELKA, the JDC Institute for Leadership and Governance. Mrs. Horen is a graduate of a project management course given at the Technion campus in Tel Aviv. Mrs. Horen completed a spokesperson and PR course given by Habetzsefer – Israel's Advertising Agencies Academy. |
Mr. Amir Helmer, Adv. – Director of Inspections and Examinations Department
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Amir Helmer is the Director of the Inspections and Examinations Department. Helmer has joined the ISA in 2005 as a lawyer at the Corporate Finance Department, where he gained expertise with regulation of public companies. Between 2015 and 2020, Helmer served as Deputy Director of the Corporate Finance Department and the Director's Legal Counsel. He previously served as the Director of the Disclosure and Reporting Division in the Department. Helmer has also taught securities law and regulation in the graduate program of the College of Administration. Before joining the ISA, he was the editor of the TheMarker's legal desk. At the ISA, Helmer handled a wide range of issues. He was involved in developing legislative amendments to the Companies Law concerning Corporate Governance (Amendments nos. 16 and 17); he lead a process to improve reporting quality and relaxed requirements concerning immediate reporting by the reporting corporations, and was a member of the committee for the examination of regulation of ICOs, among others. Attorney Helmer holds an LLB degree from Haifa University |
Mr. Natan Hershkovitz – Deputy Director General of Information Systems
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Mr. Natan Hershkovitz serves as Deputy Director General of Information Systems since November 2019. He previously served for a decade as the Director of Information Systems Department. Prior to joining the ISA, he had been employed for 9 years as Head of Computerized Senior Section at the Power Stations Planning Division of IEC (Israeli Electric Cooperation) following the position of CIO with Tambour Chemicals and Paint Manufacturer (1997-2000). While working with ISA, he has led a vast number of quintessential computerized projects that have brought about a significant change within the Israeli Capital Market as well as for the ISA. The most important and revolutionary project was the MAGNA, which is an electronic filing system. This system enables supervised entities to report to ISA, the public, TASE, government agencies and activists within the Israeli Capital Markets. A BI system was also initiated and it is used to expose irregularities in TASE trade which might indicate fraud or inside trading attempts. In addition, he has developed an integrated secured voting system which enables the public to vote in companies meetings via the Internet. Advanced information systems for Intelligence and investigations procedures were also developed and integrated in the comprehensive system of the ISA. Mr. Natan Hershkovitz is a Technion Alumni, and has a B.Sc.in Computer Sciences. |
Mr. Noam Katz – Deputy Director General, and Director of Administration, Finance, and Human Resources Department
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Mr. Katz joined the ISA in 2003 and since November 2019 serves as the Deputy CEO and Director of the Administration, Finance, and HR Department. He previously served for a decade as deputy to the General Secretary and Director of the HR Unit. In his current position, Mr. Katz is in charge of the ongoing administration of the ISA's operations in the areas of finance, human resource, procurement, and administration. Throughout his years with the ISA, Mr. Katz was a partner in numerous projects. He led a significant reform in the salary and remuneration system, led the introduction of employee assessment procedures and managerial development programs, he established a professional training unit, expanded the pension fund management and oversight function, and was involved in management of the ISA's annual budget. Mr. Katz is also a member of the ISA's tender committee and acting committee chair. Mr. Katz holds a BA in political science, anthropology, and sociology from the Hebrew University of Jerusalem, an MA in labor studies, specializing in HR management, labor relations, and organizational studies from Tel Aviv University, and an MBA from Ben Gurion University of the Negev. |
Mr. Dudu Lavi – Director of Investments Department
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Dudu Lavi has been an employee of the ISA since 1992, and has served as director of the investment department since July 2008. Between 2006 and 2008, Lavi served as the director of the mutual fund supervision department, after serving as the department’s deputy director. At the ISA, Lavi initiated and led a large number of reforms relating to mutual funds, ETNs, portfolio management, and investment consulting. He served as a member of the inter-ministerial committee that examined Israel’s custody services market and submitted its recommendations in 2011; a member of the Hamdani Committee, the committee for the examination of steps required to increase involvement of institutional investors in the Israeli financial market, which submitted its recommendations in 2008. Lavi also served as joint chair of the inter-ministerial team for the examination of the need to regulate financial instruments (“the Financial Instruments Team”). The team’s recommendations, submitted in 2007, were the foundation for the introduction of regulatory control over ETNs. Lavi earned a BA degree in economics and business administration and an MBA (specializing in finance and marketing), both with honors, at the Hebrew University of Jerusalem. |
Dr. Ilana Lipsker-Modai, Adv. – Director of Administrative Enforcement Department
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Dr. Lipsker-Modai joined the ISA in 1994 as an attorney in the securities department of the Tel Aviv District Attorney’s Office for Economic Crimes. Between 2006 and 2010, she was a director at the department of taxation and securities of the Tel Aviv District Attorney’s Office for Economic Crimes. In her work as an attorney, she managed large-scale complex criminal cases involving violations of the Securities Law and the Penal Law. In January 2011, Dr. Lipsker-Modai was appointed director of the administrative enforcement department, which was established when the Administrative Enforcement Law entered into force. In this position, she set up the department, designed a detailed model for implementing administrative procedures, and in cooperation with the administrative enforcement committee, developed procedures for the committee’s work and designed the complaint forms for the new procedure as well as the enforcement arrangements. Dr. Lipsker-Modai earned her PhD at Bar Ilan University. Her doctoral thesis explored the insider trading offenses. She earned an MA degree at Bar Ilan University, with honors, completing a thesis on manipulation and inducement offenses. |
Ms. Sarah Kandler, Adv. – Director of Corporate Finance Department
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Ms. Kandler has been with the ISA since 2001 and currently serves as Director of the Corporate Finance Division. Ms. Kandler first joined the ISA as the legal counsel of the former Investment Advisers and Portfolio Managers Licensing and Supervision Department. Upon establishment of the ISA's Investment Department in 2008, Ms. Kandler was appointed Senior Adviser to the Department Manager, and later promoted to Deputy Department Manager. Between 2013 and 2019, Ms. Kandler served as the Deputy General Counsel and Manager of the Legislation Unit. For one year in 2017 she served as the ISA's acting General Counsel. Between 2019 and mid-2020, Ms. Kandler served as Senior Advisor to ISA Chairwoman. In her positions at the ISA, Ms. Kandler has been an active partner in promoting the ISA's strategy and has led various projects, mainly in the field of regulation and legislation. Among her achievements, Ms. Kandler headed the ISA's anti money laundering efforts since the AML law came into effect, was a partner in promoting major ISA reforms, including reforms involving the restructuring of the stock exchange, regulation of rating companies' operations, regulation of trading platforms, the legislation prohibiting the sale of binary options, crowd funding regulation and Amendment 28 to the Mutual Funds Law. As senior advisor to the chair, Ms. Kandler Assisted the chairwomen in Promoting the ISA's strategy within the government and in conjunction with private sector players. Among other projects Ms. Kandler was a partner in promoting ISA's initiatives, such as the promotion of technological innovation in the markets, new digital platforms, implementing international standards in the Israeli market and open finance. Ms. Kandler holds an LLB degree from Bar Ilan University and an LLM from the Hebrew University of Jerusalem. |
Mr. Itzik Shurki, CPA – Director of Stock Exchange and Trading Platforms Supervision Department
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Itzik Shurki has been employed by the ISA since 2000 and currently serves as the director of the Stock Exchange and Trading Platforms Supervision Department. He began his work at the ISA as an economist in the Economic Department, and his most recent position there was deputy director of the department. Since 2006 he has served as an observer on behalf of the ISA at board meetings of the TASE and its committees, and at board meetings of the TASE Clearing House and the Maof Clearing House. Shurki was a member of the committee on the examination and regulation of real-estate investment trust funds in Israel, which submitted its recommendations in 2003. He was a member of the inter-ministerial team On Examining the Need for Regulation of Financial Instruments (“Financial Instruments Team”), which submitted its recommendations in 2007. He also coordinated the committee on Methods to Minimize Financial Market Deceptions (“the Hauser 2 Committee”), which submitted its recommendations in 2005. He was a member of the committee for Promotion of Investments in Publicly Traded R&D Companies, and a member of the committee for Improving TASE Trading Efficiency and Liquidity. Shurki, a licensed CPA, has a BA degree in economics and accounting and an MA degree in economics, both from the Hebrew University of Jerusalem. Between 2008 and 2013, he was an adjunct lecturer on financing and financial markets in the MBA program of the School of Business Administration, Ben Gurion University of the Negev. Academic publications as an ISA employee: Hauser S.,Levy H.K.,Pilo B. and I. Shurki, "The Effect of Trading Halts on the Efficiency of Price Discovery", Journal of Financial Services Research,29 , 2006, 83-99. Eldor R.,Hauser S.,Pilo B. and I. Shurki, "The Contribution of Market Makers To the speed of Options Trading in Electronic Exchange", Journal of Banking and Finance,30 , 2006, 2025-2040. Hauser S., Kamara A., and I. Shurki, "The Effects of Randomizing the Opening Time on the Performance of The Stock Market Under Stress", Journal of Financial Markets, 15, 2012, 392-415. |
Ms. Judith Tirosh-Gross, Adv. – Director of the ISA Securities Department in the Tel Aviv District Attorney’s Office
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Ms.Tirosh-Gross Joined the ISA in 2001, working as an attorney in the Securities Department of the Tel Aviv District Attorney's Office for economic crimes. During the years of 2009-2017, served as the Deputy Director of the Department. At 2018, appointed General Director of the Securities Department. As part of her current position, serves as the head of the litigation team and takes a leading role in large and complex financial criminal cases involving securities violations, fraud, bribery and money laundering. Takes a leading role in major cases brought before the Supreme Court. Prior to joining the ISA, Judith worked as a lawyer at a leading Tel Aviv criminal law firm ,Yehuda Weinstein law firm (former Attorney general). Ms. Tirosh-Gross holds an LLB and an LLM degree in law from Bar Ilan University. |
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