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Israel Securities Authority
 
 
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The Israel Securities Authority (ISA) is the national securities regulator
Financial regulation

Financial regulations are a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system....
 of Israel
Israel

Israel officially the State of Israel , is a country in the Middle East located on the eastern shore of the Mediterranean Sea. It borders Lebanon in the north, Syria in the northeast, Jordan in the east, and Egypt on the southwest, and contains geographically diverse features within its relatively small area....
. Its chairman since 2002 is Moshe Tery
Moshe Tery

Moshe Tery is Chairman of the Israel Securities Authority. He was initially appointed in 2002 by then-Finance Minister of Israel Silvan Shalom....
.

ISA was established pursuant to the Securities Law 5728-1968.

mandate is to protect the interests of the public investing in securities, as stipulated in the Law. Pursuant to this mandate, the Authority covers, among others, the following areas:



Israel's sole exchange is the Tel Aviv Stock Exchange.






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The Israel Securities Authority (ISA) is the national securities regulator
Financial regulation

Financial regulations are a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system....
 of Israel
Israel

Israel officially the State of Israel , is a country in the Middle East located on the eastern shore of the Mediterranean Sea. It borders Lebanon in the north, Syria in the northeast, Jordan in the east, and Egypt on the southwest, and contains geographically diverse features within its relatively small area....
. Its chairman since 2002 is Moshe Tery
Moshe Tery

Moshe Tery is Chairman of the Israel Securities Authority. He was initially appointed in 2002 by then-Finance Minister of Israel Silvan Shalom....
.

Establishment

The ISA was established pursuant to the Securities Law 5728-1968.

Mandate

Its mandate is to protect the interests of the public investing in securities, as stipulated in the Law. Pursuant to this mandate, the Authority covers, among others, the following areas:

  • Supervising public securities offerings.
  • Granting permits to publish prospectuses
    Prospectus (finance)

    A prospectus is a legal document that institutions and businesses use to describe the securities they are offering for participants and buyers....
    , which enable corporations to offer securities to the public, and mandating disclosure of material information by listed companies.
  • Monitoring public company disclosure through periodic reports that each company must file after issuing securities to the public through a prospectus or having their securities traded on the TASE, a directors’ report on the status of the corporation’s affairs, information reports, quarterly and annual financial reports, and immediate reports, which are filed immediately after the occurrence of certain events that could have a material influence on the corporation or on the price of its securities, as long as the securities are held by the public. Reports must be filed with the ISA, the TASE, and the Registrar of Companies.
  • Reporting requirements are enforceable by the Israeli courts upon the petition of the ISA, which also has certain powers to direct the TASE to suspend trading of a company’s securities.
  • Monitoring tender offer
    Tender offer

    Tender offer is a corporate finance term denoting a type of takeover bid. The tender offer is a public, open offer by an acquirer to all shareholders of a public company corporation to tender their shares for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares....
    s.
  • Regulating and supervising the mutual fund
    Mutual fund

    A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors and invests it in stocks, Bond , short-term money market instruments, and/or other security ....
     industry.
  • Overseeing the operations of the Tel Aviv Stock Exchange
    Tel Aviv Stock Exchange

    The Tel Aviv Stock Exchange in Tel Aviv is Israel only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Economy of Israel....
     to ensure fair and orderly trading in Israel.
  • Supervising, licensing, and disciplining portfolio managers and investment advisors.
  • Conducting investigations into violations of securities laws.


Israel's sole exchange is the Tel Aviv Stock Exchange. The Authority reviews proposals to amend the stock exchanges' bylaw
Bylaw

A bylaw most commonly refers to a city or municipal law or ordinance, passed under the authority of a charter or provincial/state law specifying what things may be regulated by the municipality....
s and recommends their adoption to the Minister of Finance and to the Knesset
Knesset

The Knesset is the legislature of Israel, located in Givat Ram, Jerusalem....
 Finance Committee. It also approves the stock exchange’s directives and rules, and amendments to them. In addition, the Authority is engaged in the supervision of trade on the exchange, and in addressing inquiries by the public pertaining to the exchange’s operations.

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