Latest Updates / Capital Markets Regulation

August 14, 2024

Israeli Capital Market, Insurance and Savings Authority Issues New and Revised Circulars

This year, the Israeli Capital Market, Insurance and Savings Authority issued a series of new and revised circulars regarding proper management and corporate responsibility by financial service providers.

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August 4, 2024

Israel’s Money Laundering and Terror Financing Prohibition Authority Updates List of At-Risk Countries of the FATF

Following the Financial Action Task Force’s announcements, the Israel Money Laundering and Terror Financing Prohibition Authority published a list of countries and jurisdictions at high risk of money laundering, terror financing, and proliferation financing.

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July 30, 2024

Israel: Opening Access to Payment Systems and Allocation of Identification Codes to Payment Service Providers

The Bank of Israel’s Payment Systems Oversight Division recently published an access guide to supervised payment systems for Israeli and foreign applicants.

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July 14, 2024

Israel: Regulation of Payment Services Law Comes into Effect

When the law came into effect last month, the Knesset Economic Affairs Committee prescribed an important series of exemptions from licensing requirements and updated timetables for submitting license applications in particular instances.

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May 17, 2023

Investment Advice and New Technologies: Amendment to Israeli Directive

In order to contend with the meager supply of investment advice or portfolio management services via technological interfaces, the Israel Securities Authority has published a proposed amendment to the directive focusing on two main services: trading signal services and social trading. Both of these services rely on digital media.

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December 19, 2022

Can DeFi Use Exempt a Project from Compliance?

Activity in the form of financial decentralization (Decentralized Finance - DeFi) does not exempt from requirements in the field of prevention of money laundering prohibition or compliance with sanctions. It turns out that DeFi is subject to the same "laws of gravity" as projects in the traditional financial industry.

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December 13, 2022

ISA – New Obligations for Foreign Brokerage Service Providers

The Israel Securities Authority’s (ISA) new draft amendment to the general permit to offer foreign brokerage services in Israel proposes to obligate permit holders to supervise the activities of marketers on their behalf. For example, permit holders must carry out due diligence examinations of marketers.

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November 3, 2022

New Draft Regulation on Financial Asset Service Providers

The Israeli CMISA published two draft circulars about its intent to tighten the supervision over crypto assets, in the wake of the Celsius crypto meltdown.

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March 8, 2022

Foreign Funds from Additional Stock Exchanges May Dual List on the TASE

Until now, only foreign funds from a limited number of foreign exchanges have been able to register for trading in Israel. A Ministry of Finance amendment to the relevant regulations seeks to change this.

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January 11, 2022

Regulating Israeli Banks’ Provision of Services to Licensed Cryptocurrency Service-Providers

The Bank of Israel is proposing to regulate the provision of services to licensed cryptocurrency service-providers so that banks will not be able to sweepingly refuse to provide service and will have to formulate a risk management policy.

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December 12, 2021

Do You Own Crypto? AML Order Also Applies to Digital Currencies

For the first time, companies providing virtual currency services will be required to comply with Israeli anti-money laundering provisions. This follows an amendment to the Prohibition of Money Laundering Order that recently came into effect. The amendment will apply to financial asset service providers obligated to hold a license under the Control of Financial Services Law.

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January 25, 2021

Israel Securities Authority: Tokens May Be Classified as Securities

The Israel Securities Authority recently established guidelines on when a cryptographic currency (token) is considered a security. The ISA determined that Kirobo tokens meet the definition of a security. This is primarily because the The Israel Securities believes investors would intend to purchase the tokens for financial purposes. In addition, these investors would anticipate their holdings to go up in value.

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February 2, 2020

Israel Securities Authority Promotes the Assimilation of Technological Innovation into the Israeli Capital Market

The ISA's commission for examining the regulation necessary for the advancement of digital markets published a report that focuses on platforms for the issuing, trading, and clearing of securities that make use of blockchain technology.

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October 29, 2019

Transfer of Digital Currencies - The Dream and its Collapse

Regulatory resistance and legal proceedings by the US Securities and Exchange Commission are hindering the realization of one of the greatest promises of blockchain technology – the transfer of cryptographic currencies and assets between users without an intermediary.

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August 4, 2019

New Restrictions on Hedge Funds in Israel

The Israel Securities Authority recently published a staff position that has material implications on the hedge fund sector in Israel and on the investor public, including the mode of incorporation of hedge funds and the limit on the number of investors in a fund.

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April 28, 2019

TASE Promotes a Proposal for the Entry of Nostro Players as TASE Members

On April 7, 2019, the Tel Aviv Stock Exchange (TASE) published a proposed amendment to the Stock Exchange Regulations, whereby the barriers to the entry of new TASE members will be removed and for the first time Israeli entities will be allowed entry into the stock exchange even if they operate exclusively for nostro.

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March 21, 2019

ISA Makes First-Time Decision on How Cryptocurrency Asset Offerings Will Be Regulated

The committee appointed by the Israel Securities Authority (ISA) to examine regulation of cryptocurrency offerings to the public has published the outline of its regulatory policy in a final report submitted to the ISA chairman. The committee recommended focusing on regulatory models that offer structural flexibility.

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May 15, 2018

District Court Orders Bank Hapoalim to Accept a Deposit of Proceeds from Sale of Digital Currencies into Client’s Account

This month, an Israeli district court deliberated a motion for an interlocutory order against Bank Hapoalim. The order would obligate the bank to accept the transfer into a customer's account of money that constituted proceeds from a sale of digital coins transacted outside of Israel.

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March 18, 2018

Knesset Allows IPO Expenses to Be Deducted from Corporate Earnings

Recently, after initial approval by the Finance Committee, the Knesset has passed a temporary order to the Income Tax Law with regards to deduction of issue expenses. According to the law, the expenses related to issuing the shares of companies and partnership participation units on the Tel Aviv Stock Exchange (TASE) will now be recognized as expenses for tax purposes.

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November 8, 2017

Offering Services of Securities Trading Systems

Recently a new Amendment to the Securities Law, concerning the restructuring of the stock exchange, came into effect.

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Latest Updates / Capital Markets Regulation