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New Guidance from the ISA on Mass Marketing of Funds – Speak More, Say Less

Daniel Kaczelnik Or Hoffer Liat Maidler

14 May 2025

On May 12, 2025, the Israel Securities Authority (the “ISA”) published a staff-position, confirming that fund managers may make “General Publications”, without triggering registration requirements.

The ISA’s position outlines the conditions for making “general publications”, and introduces its most restrictive interpretation to date regarding the permissible content, explicitly excluding types of information that had previously been considered acceptable.

 

To view the full ISA’s position as published by the ISA, in Hebrew (12.5.2025) – click here.

 

Our firm has unique expertise and experience in all aspects of private fundraising, and we advise leading financial institutions in Israel and worldwide on these subjects.

 

We would be happy to assist with interpreting the new position and advising on the opportunities and challenges it presents.

 

Sincerely,

Securities Regulation and Capital Markets Team, Banking and Finance Department

Herzog Fox & Neeman

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