Client updates /  Financial Sector

Following an extensive public consultation process, a final report on the use of AI in the financial sector was published last week. The report was prepared by a committee comprising representatives of the Ministry of Justice, the Ministry of Finance, the Competition Authority, the Israel Securities Authority, the Capital Market, Insurance and Savings Authority, and the Bank of Israel.

The US Federal Court of Appeals ruled recently that most of the tariffs imposed by US President Donald Trump as part of the trade wars are unlawful. However, the court decided that, for the time being, these tariffs will remain in effect. This is a landmark decision with potentially wide-ranging implications for the US and global economies, as well as for the balance of powers within the US federal government.

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 Regulation of Investment Advice, Investment Marketing and Portfolio Management Law (“Advice Law”) and the Joint Investment Trust Law to these activities.

This month, an interim report on artificial intelligence (AI) in the financial sector was published for public comment. The report was written by the Ministries of Justice and Treasury, the Competition Authority, the Securities Authority, the Capital Market Authority, and the Bank of Israel.

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 year) – and to enable the general public to achieve higher returns on its short-term savings.

The monitoring of greenhouse gas emissions is not only important for protecting environmental quality, but it also offers commercial benefits, such as monitoring energy and supply chain expenses and participating in carbon emissions trading markets.