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Global Funds Regulation | Additional Exchanges for “Dual-Listing” of ETFs

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Global Funds Regulation | Additional Exchanges for “Dual-Listing” of ETFs

2 December 2020

The ISA proposes to expand the list of exchanges that make ETFs eligible for “Dual-Listing” on the Tel-Aviv-Stock Exchange

The Israel Securities Authority published a proposed amendment to the Joint Investments in Trust Regulations (Offering of Foreign Fund Units), 2016, which expands the list of exchanges that make ETFs eligible for “Dual-Listing” on the Tel-Aviv Stock Exchange – public comments may be submitted by January 15th, 2020.

 

Dear friends and clients,

On December 2, 2020, the Israel Securities Authority (the “ISA”) published a bill for public consultation, which proposes to expand the list of exchanges that make ETFs eligible for “Dual-Listing” on the Tel-Aviv-Stock Exchange (the “Bill” and “Authorized Exchanges“, respectively).
Currently, the list of Authorized Exchanges  refers to the exchanges listed in the Second and Third Schedules of the Securities Law, 1968. The Bill suggests to expand the list of Authorized Exchanges, by way of removing the existing reference to the Securities Law, and replacing it with the following definition: “every exchange that is characterized by significant trading in collective investment schemes”. This definition would grant the ISA discretion to create a list of exchanges that is custom-made for ETFs. Within the framework of the Bill, the ISA has already published a proposed list of exchanges, which, in their view, meet this definition:

Country Main Stock Exchange
London LSE
Germany Berlin
Switzerland BX Worldcaps
Switzerland SIX Swiss Ex
Germany Xetra ETF
Italy Borsa Italiana
EuroNext Europe EuroNext
USA NYSE Arca

NASDAQ GM

BZX

For the proposed amendment >> click here

Our firm has extensive experience in representing global asset managers vis-à-vis the ISA and the TASE. We represent the vast majority of global funds that are currently registered in Israel, and are the only ones that have listed ETFs for trading on the TASE.

Corporates, Securities and Capital Markets Department,
Herzog Fox & Neeman

 

Liat Maidler | Partner
Corporates, Securities and Capital Markets

maidlerl@herzoglaw.co.il

 

Daniel Kaczelnik | Adv
Corporates, Securities and Capital Markets

kaczelnikd@herzoglaw.co.il

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