On August 14, 2019, the Israeli Securities Authority (“ISA”) and the Tel Aviv Stock Exchange (“TASE”) issued a formal invitation to all parties interested in considering the possibility of acting as a retail broker, whether in trading in securities and/or the distribution of mutual funds to the general public.Currently, the distribution of mutual funds to the public in Israel lies within the exclusive domain of the TASE members (e.g. Israeli Banks and non-banking corporations). The objective behind this invitation is to promote regulatory changes to the regulations and the TASE’s rules, the aim of which is to further facilitate operations by retail brokers in the local market, with an emphasis on reducing capital requirements and fully digitizing the process of opening a securities account.

For the purpose stated above,  the TASE and the ISA request all interested parties, which are considering the possibility of operating in the local capital markets as a retail broker, to contact them on this matter, and to provide a description of the key challenges that lie ahead and the steps needed to succeed in this regard.

Parties wishing to consider the possibility of acting as a retail broker should contact the TASE by September 15, 2019.

We would like to invite you to discuss with us the key aspects of the ISA’s and TASE’s proposal, and to assist in coordinating your suggestions and comments regarding the intended relevant activity.

We would like to invite you to discuss with us the key aspects of the ISA’s and TASE’s proposal, and to assist in coordinating your suggestions and comments regarding the intended relevant activity.