Israel Securities Authority

The Israel Securities Authority (ISA) is Israel's securities regulator. Its Chairman since 2002 is Moshe Tery.

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, 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 offers.

*Regulating and supervising the mutual fund industry.

*Overseeing the operations of the Tel Aviv Stock Exchange to ensure fair and orderly trading in Israel.

*Supervising, licensing, and disciplining portfolio managers and investment advisors.

*Conducting investigations into violations of securities laws. [http://www.secinfo.com/d14D5a.u4k4x.d.htm]

At this time, Israel's sole exchange is the Tel Aviv Stock Exchange. The Authority reviews proposals to amend the stock exchanges' bylaws and recommends their adoption to the Minister of Finance and to the Knesset 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.

External links

* [http://www.isa.gov.il/Default.aspx?Site=ENGLISH ISA website]
* [http://www.youtube.com/watch?v=XUJ2hLATZaE ISA bid for IOSCO Conference, on Youtube]