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Client Update | Regulatory Updates from the Capital Markets Authority | October 2017

9 October 2017

On the 1st of October 2017, the Capital Market, Insurance and Savings Authority published regulatory updates for October 2017.  The following instructions and draft directives were published:

Capital and Solvency

Commissioner’s Position: Division of dividends by insurance companies

Commissioner’s Position (draft): Reference to Stock Exchange clearing houses regarding capital requirements of the economic solvency regime “Solvency II”

Life Insurance, Provident Funds, Pension Funds, Agents and Advisors

Draft: Handling of quality information enquiries

Update: Obligation to use a pension clearing system

Disclosure and Evaluation of Pension Funds

Draft Amendment: Consolidated circular regarding reports to the Commissioner (report file EV)

Management and Operation Risks

Commissioner’s Position: Preparation for implementation of an agreement regarding the automatic exchange of information

Regulated Financial Services

Draft: Control of financial services (regulated financial services) (licence exemptions) (temporary order), 2017

Financial Institutions

Temporary Order: Draft – Joining a pension/provident fund

Actuarial Activity, Disclosure and Evaluation; Pension Funds

Amendment of the consolidated circular – the method of calculating the actuarial balance sheet and the policy coefficients of a pension fund and a central provident fund for annuity.

Information and Reporting, Financial Institutions

Draft:  Amendment of the provisions of the consolidated circular regarding reinsurance reports to the Commissioner

Agents and Advisors, Financial Institutions

Clarification: Draft: Pension marketing procedure on acquiring a pension product

Pension Savings

Circular: Transfer of monies from a central provident fund for severance pay (amendment to circular regarding transfer of monies between provident funds).

To read the full client update (in Hebrew) – click here.

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