Aggregated News From Investment Management Regulators

ISA IL

The Israeli Securities Authority has granted initial licenses to fintech companies that provide financial information services to the public and to businesses

תוכן דף The first companies to receive a license are "RiseUp,""Finanda," ""Family Biz," and "Green Invoice." Ten additional companies have submitted requests and are going through the licensing process During the granting of the licenses today, ISA Chairwoman Anat Guetta Spoke: "Today we granted the first licenses that will pioneer the financial-consumer revolution in Israel. The personal financial information of each and every consumer is a value that can be made profitable for them. Therefore, making it accessible will allot the public negotiating power with the banks and financial suppliers, and give them the option of handling their own finances in an effective...

Address of ISA Chairwoman to the Second Forum +35 Conference

Good morning, Thank you to everyone who is with us here today. I would like to thank the members of the Forum, our partners in this journey— those who are here in person and those who were unable to attend today. And I also extend my heartfelt thanks to today's speakers and to my friend Roger Abarbanel. Today we are celebrating the first anniversary of Forum 35+. Forum 35+ was actually like establishing as a company in which all of you are partners. But what exactly is the product that this company offers? Our product is "board diversity." Most of us agree that...

Global Fintech Companies that Provide Payment Services are able to Provide now Services in Israel with a Foreign License and an Exemption from an...

תוכן דף                                     The Knesset's Finance Committee, headed by MK Alex Kushner, approved The Ministry of Finance and the ISA's proposal that will allow a temporary Israeli license exemption for global fintech companies that provide advanced payment services. This is part of the ISA's activity of increasing the competition in the financial market as well as supplying advanced financial services to the Israeli consumer. Companies eligible for the Full Passport are those who incorporated and licensed for payment services in the United States, the European Union, or the United Kingdom. An additional requirement is that all activity in Israel must be supervised...

Israel Securities Authority Announces Disclosure Requirements for Nonbank Lending Companies

In view of recent events, the ISA Staff issued an announcement to companies regarding financial statement disclosure requirements applicable to companies in the nonbank lending sector, in order to ensure that these companies disclose all information that is relevant to the investor public. The document explains the required disclosure of the following issues: main risk factors and risk management methods, their probability of realization, and their impact on the company’s operations. To exercise its powers in the area of disclosures, the ISA employs supervisory, inspection and examination tools as suitable, whenever a corporation is suspected of noncompliance and harm to the...

Israel Securities Authority Conducts Inspections of Nonbank Lending Companies

ISA’s Inspections and Examinations Department commenced a series inspections of nonbank lending companies. The inspections are intended to ensure that the disclosures made to investors by companies in this sector are adequate and credible. Several issues will be examined in the inspections, including adequacy of the measurements and disclosures of customers’ loans and credit balances in nonbank lenders’ financial statements, and the adequacy of provisions for credit losses. The inspections were planned in advance to take place in the Department’s 2022 work plan, in view of the significant increase in recent years in the number of companies engaged in nonbank...

Deputy Director General of Information Systems Nathan Hershkovitz Announces Resignation

Nathan Hershkovitz, Deputy Director General of Information Systems at the Israel Securities Authority (ISA), announced his resignation after 22 years of service in the ISA. During his tenure, Mr. Hershkovitz led several computing projects that revolutionized the work of the ISA and Israel’s capital market, such as the MAGNA system, which is the electronic filing system used by the supervised entities to submit their reports to the ISA, the TASE, and the public; the BI system, which identifies irregular stock exchange transactions and trading offenses; the integrated voting system, which allows the public to vote in meetings online; the YAEL...

The Israeli Securities Authority and the Financial Supervisory Commission Taiwan signed today an MoU for collaboration on FinTech issues

The Israeli Securities Authority (ISA) and the Financial Supervisory Commission, Taiwan. (FSC) signed today an MoU for collaboration on FinTech issues. The MoU establishes the principles of cooperation and information sharing, with the aim of promoting and cultivating innovation in the financial service sector. This will enable the FSC and the ISA to exchange information on innovation and FinTech trends in their respective markets. The MoU was signed by Ms. Anat Guetta, Chairwoman of the ISA and Dr. Thomas Tien-Mu Huang, Chairperson of the FSC, through a virtually held signing ceremony witnessed by Mr. Omer Caspi, Representative of the Israel...

Remarks of the Israel Securities Authority Chairwoman, Anat Guetta, at the Fischer Forum on the subject of gender diversity

Good evening, I am extremely happy about this important conference and would like to thank the Fischer Forum under the leadership of Prof. Assaf Hamdani for its successful organization. In October 2021, I set up Forum 35 Plus with the aim of promoting gender diversity on the boards of the entities supervised by the Israel Securities Authority. The data indicate that in the last decade until 2020, the total percentage of women on boards of directors increased from 18% to 24%. In the eight months that have passed since the setting up of the Forum, that percentage has increased to 27%. This means that...

The Israel Securities Authority and the Israel Innovation Authority Publish Report on Uses of NLP in the Capital Market

תוכן דף Ilan Gildin, the Israel Security Authority's Chief Economist and Strategic Adviser to the ISA Chairwoman: “Natural Language Processing (NLP) is a promising technology for the capital market, and research confirms this. Efforts to realize the full potential of this technology in the local market are in their infancy and will make significant strides in the next few years. We believe that this technology can considerably improve market efficiency, impact investors’ bottom line, and improve the efficacy of regulatory supervision.” Aviv Zeevi, Deputy Director of Technological Infrastructure at the Israel Innovation Authority: "The Innovation Authority believes that the development of...

Expansion of International Funds Listing in Israel

תוכן דף The Knesset Finance Committee has approved the Securities Authority's initiative to expand the supply of international funds traded in Israel. These international funds can soon be listed on the Tel Aviv Stock Exchange, and to increase and diversify the investment opportunities in the Israeli capital market. In 2017, the regulations on international funds were amended, allowing more international funds to be offered to the public. 39 international funds are currently being traded, and the intention of the amendment is to increase Israel's exposure to investments from the world and to provide overseas parties with access to the local capital...

Remarks by the Israel Securities Authority Chairwoman, Anat Guetta, at the Bank of Israel Conference on “Financial Infrastructures to Promote Competition”

תוכן דף Good morning, everyone, I am delighted to have the opportunity to speak to you here today. This meeting brings together the financial supervisors in Israel, all of us tasked with protecting the public’s interest. I will talk today about the financial revolution we are promoting with the Ministry of Finance, the Bank of Israel, and other government entities, to put in place technical infrastructures to upgrade the financial system and open the market up to competition for the benefit of the citizens of Israel. We set out on the path together with the Supervisor, Yair Avidan, and thanks to all the partners,...

Financial information services reform goes into force

Anat Guetta, Israel Security Authority Chairwoman: “The entry into force of the information services reform is a consumer revolution. For the first time, we will easily and simply be able to compare the financial services that we all receive, such as deposits, credit, and current account management costs between the banks and other financial entities, something that has not been possible until now. The reform will create value for the public, but more than that – it will spur real competition for the customer’s pocket which will lead to an improvement in the public’s financial health. The reform will...

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