Israel Securities Authority
Encyclopedia
The Israel Securities Authority (ISA) is the national securities regulator
of Israel
.
Israel's sole exchange is the Tel Aviv Stock Exchange
. The Authority reviews proposals to amend the stock exchanges' bylaw
s and recommends their adoption to the Minister of Finance and to the Knesset
Finance Committee. It also approves the stock exchange’s directives and rules, and amendments to them. In addition, the Authority is engaged in the supervision of trade on the exchange, and in addressing inquiries by the public pertaining to the exchange’s operations.
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
of Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
.
Mandate
Its mandate is to protect the interests of the public investing in securities, as stipulated in the Law. Pursuant to this mandate, the Authority covers, among others, the following areas:- Supervising public securities offerings.
- Granting permits to publish prospectusesProspectus (finance)In finance, a prospectus is a document that describes a financial security for potential buyers. A prospectus commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements,...
, which enable corporations to offer securities to the public, and mandating disclosure of material information by listed companies. - Monitoring public company disclosure through periodic reports that each company must file after issuing securities to the public through a prospectus or having their securities traded on the TASE, a directors’ report on the status of the corporation’s affairs, information reports, quarterly and annual financial reports, and immediate reports, which are filed immediately after the occurrence of certain events that could have a material influence on the corporation or on the price of its securities, as long as the securities are held by the public. Reports must be filed with the ISA, the TASE, and the Registrar of Companies.
- Reporting requirements are enforceable by the Israeli courts upon the petition of the ISA, which also has certain powers to direct the TASE to suspend trading of a company’s securities.
- Monitoring tender offerTender offerTender offer is a corporate finance term denoting a type of takeover bid. The tender offer is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation to tender their stock for sale at a specified price during a specified time, subject to...
s. - Regulating and supervising the mutual fundMutual fundA mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
industry. - Overseeing the operations of the Tel Aviv Stock ExchangeTel Aviv Stock ExchangeThe Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
to ensure fair and orderly trading in Israel. - Supervising, licensing, and disciplining portfolio managers and investment advisors.
- Conducting investigations into violations of securities laws.http://www.secinfo.com/d14D5a.u4k4x.d.htm
Israel's sole exchange is the Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
. The Authority reviews proposals to amend the stock exchanges' bylaw
Bylaw
By-law can refer to a law of local or limited application passed under the authority of a higher law specifying what things may be regulated by the by-law...
s and recommends their adoption to the Minister of Finance and to the Knesset
Knesset
The Knesset is the unicameral legislature of Israel, located in Givat Ram, Jerusalem.-Role in Israeli Government :The legislative branch of the Israeli government, the Knesset passes all laws, elects the President and Prime Minister , approves the cabinet, and supervises the work of the government...
Finance Committee. It also approves the stock exchange’s directives and rules, and amendments to them. In addition, the Authority is engaged in the supervision of trade on the exchange, and in addressing inquiries by the public pertaining to the exchange’s operations.