On July 6, 2017, Amendment 63 to the Securities Law, 5728-1968 (the “Amendment” and the “Law”, respectively), was enacted. This Amendment includes a prohibition on offering securities trading services with respect to a trading system that is not licensed in Israel. Under the new Section 49A to the Law, there is a prohibition on offering securities-trading services through a securities trading system which is not managed by a licensed exchange in Israel. The Amendment does not specify any exceptions to the application of Section 49A, including with respect to offering securities trading services to Sophisticated Clients.

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