Client Update | The Brokerage Market is Under Supervision: General Permit Conditions under Section 49A
1 January 2019
Further to the client updates published on November 9, 2017, and on June 18, 2018, we would like to update you that the Israel Securities Authority (the “ISA”) has published its policy with regard to the grant of permits to foreign exchanges and brokers who wish to actively approach the Israeli public.
According to the Securities Law, it is illegal to offer securities-trading services if the trading takes place on an exchange not licensed in Israel. However, the Chairman of the ISA is authorised to grant a permit allowing an entity to offer said services if the trading takes place on an exchange outside of Israel.
On December 30, 2018, the ISA published the conditions under which it will examine applications for a permit.
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Key Contact: Ilanit Landesman-Yogev | Partner Head of Capital Markets & Securities Department
