Recently, the Israel Securities Authority (ISA) published draft rules regulating entities’ notice of exemption from the obligation to obtain a license to provide payment or payment initiation services....more
2024 was characterized by a multitude of regulatory directives to payment companies and to payment initiation companies as part of the preparations for the licensing obligation that came into effect in June 2024. This year...more
The Israel Securities Authority recently published a legal staff position aimed at clarifying the applicability of the Payment Services and Payment Initiation Regulation Law to activities conducted within trust/escrow...more
The Israel Securities Authority published a position statement recently addressing various issues pertaining to brokerage activities and offerings of joint investment arrangements, including the applicability of the...more
The Israel Securities Authority recently published a staff legal position addressing the licensing requirements for businesses operating in the “Buy and Sell” or “Reseller” model in online marketplaces. The position clarifies...more
In October of this year, the Israel Securities Authority published a memorandum of law aimed at regulating broker-dealer activities in Israel. Public comments will be accepted until 21/11/24. At issue is an initiative that...more
The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment...more
The Israel Securities Authority has published several additional revisions to the Israeli money market reform since the Knesset approved legislative amendments designed to promote competition in the money market, and since...more
The Knesset approved a series of legislative amendments this past July designed to promote competition in the money market – money market mutual funds, deposits and government bonds (short-term loans maturing in less than one...more
In recent years, a new field called “prop trading” has emerged. It enables traders to trade financial products such as stocks, commodity bonds, cryptocurrencies, CFDs, and forex products without using their own money, but...more
On June 6, 2024, the Regulation of Payment Services and Payment Initiation Law came into effect. Relevant entities may now submit license applications for providing payment and payment initiation services....more
The Israel Securities Authority’s Financial Sanctions Committee recently issued two different decisions to impose financial sanctions on companies. These sanctions were for financial activities violating provisions of the...more
In recent times, there has been an increasing trend of supervision by the Israel Securities Authority (ISA) over non-supervised entities. This may seem paradoxical: if these entities are not under supervision, why does the...more
As of February 10, 2024, new rules will apply to foreign entities that want to offer securities brokerage services via their marketers in Israel. The Israel Securities Authority promulgated these rules in December 2023, as...more
A considerable number of Israeli private companies raise funds and approach prospective investors without a comprehensive understanding of the regulatory obligations mandated by the Securities Law. A pivotal provision in this...more
Companies’ public statements regarding their business situation is a recurring concern in competition law discussions. Recent headlines have spotlighted the ambiguity in this field and the regulatory tension that emerges...more
The Israel Securities Authority recently promulgated its revised legislative proposal addressing the applicability of securities laws to digital assets. The proposed legislation aims to determine how securities laws will...more
In recent years, we have witnessed a sharp increase in the number of lawsuits filed in Israel against officers and directors of companies and a broadening of the scope of their liability. As a result of their roles, directors...more
The Israel Securities Authority (ISA) is currently amending the directive that outlines the requirements for holders of investment consulting, investment marketing, and investment portfolio management licenses to provide...more
As part of the Arrangements Law for the years 2023-2024, the Israeli government makes extensive reference to expanding and creating a regulatory infrastructure in the digital assets field. As part of the draft bill (also...more
The Israel Securities Authority is proposing to apply the same laws to digital assets as apply to financial assets, which are under the ISA’s supervision. The legislative amendments include revisions to definitions of the...more
The Israel Securities Authority recently published a draft bill to amend the Securities Law. The amendment would give the ISA the power to investigate related offenses committed in addition to securities offenses. Under the...more
The Israel Securities Authority is looking to toughen the conditions under which it will grant a permit to entities applying to offer foreign brokerage services in Israel. This includes obligating foreign brokers to bear...more
The investigation of the Meron disaster raises an important legal question regarding the connection between responsibility and accountability. The Israeli Supreme Court answered this question recently in a completely...more
On March 30, 2022, the Israel Securities Authority (ISA) published a new staff position statement: “Disclosure Required When Convening a General Meeting of Shareholders Whose Agenda Includes the Appointment of an Auditor.”...more