The units and their main areas of operation
1. General Counsel
1.1 Legal Counsel
a) Provides legal counsel to the department's employees in their day-to-day work.
b) Provides professional guidance regarding the legal work executed in the supervisory units.
c) Addresses legal matters and promoting legislative projects.
d) Presents legal issues that arise in the department's work to the legal department of the ISA, and coordinating between the departments.
1.2 Risk Management
a) Acts as the Department's professional lead on risk management, and inter alia issues of corporate governance.
b) Examines the competence and functioning of the entities supervised by the department.
c) Provides professional support to the department's units in overseeing the implementation of the instructions and regulations concerning risk management by the supervised entities.
d) Assisting and accompanies the risk management of the department in its capacity as a supervisory authority.
a) Processes applications for permits to hold means of control in mutual fund managers.
b) Licensing of mutual fund managers and trustees, and processes mutual funds prospectus publication permits.
c) Issues licenses to investment portfolio managers, investment advisers and investment marketers, both individuals and companies. Licensing-related operations include conducting licensing examinations, processing applications for exemptions from examinations, and registration of interns. The ISA (on behalf of the Capital Market, Insurance and Savings Division in the Ministry of Finance) also conducts examinations and reviews exemption applications of candidates who are in the process of obtaining a license as a pension adviser, a pension marketing agent, or an insurance agent.
d) Suspends and revokes licenses, either upon the request of the licensee or an administrative decision of the ISA.
e) Conducts "fit and proper" examinations of license applicants, controlling shareholders, and directors.
f) Examines the compliance of fund managers, trustees of funds, investment advisers, investment marketers and portfolio managers companies, with the requirements of equity and insurance.
g) Examines the immediate, quarterly and annual reports filed to the ISA by licensed investment advisers and investment marketers, both individuals and companies.
h) Examines the annual reports filed to the ISA by mutual fund managers.
i) Publishes circulars and instructions on licensing-related issues.
j) Handles annual fees of investment portfolio managers, investment advisers and investment marketers, both individuals and companies.
2. Supervision of Mutual Funds
a) Ongoing supervision of the compliance of mutual fund managers and mutual fund trustees with the Joint Investment Trust Law, 1994 ("the Fund Law").
b) Reviews the prospectuses of mutual funds submitted to the ISA for permission to publish.
c) Reviews the immediate reports filed to the ISA by mutual fund managers and trustees.
d) Develops and operates computerized monitoring systems to identify deviations from the provisions of the Fund Law and to monitor mutual fund yields.
e) Monitors supervised entities' trading on and outside the Stock Exchange by identifying and analyzing irregularities found in information provided to the Authority by the Tel Aviv Stock Exchange and by the supervised entities themselves.
f) Supervises mutual fund trustees.
g) Initiates legislative processes regarding mutual funds and provides professional guidance.
h) Initiates enforcement of the Fund Law by imposing civil fines for violations.
i) Publishes circulars on topics related to mutual funds.
j) Provides professional response to requests of mutual fund managers and the public.
3. Supervision of Licensees
a) Ongoing supervision of the compliance of investment portfolio managers, investment advisers and investment marketers with the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 ( "the Investment Advice Law").
b) Initiates legislative processes regarding licensees and provides professional guidance in this field.
c) Clarifies the requirements specified in the law, the regulations and the instructions through constant contact with the supervised entities, by publishing circulars, etc.
d) Processes public complaints regarding licensees.
e) ) Initiates and enforces the Investment Advice Law for violations of the law and the Prohibition of Money Laundering Law, which apply to portfolio managers.