Israel Securities Authority
| רשות ניירות ערך | |
| Agency overview | |
|---|---|
| Formed | 1968 |
| Jurisdiction | Israel |
| Headquarters | Jerusalem, Israel |
| Agency executive |
|
| Website | http://www.isa.gov.il |
The Israel Securities Authority (ISA) is the national securities regulator of Israel. Established by law in 1968, the Israel Securities Authority sees its mandate as a way to ensure an efficient capital market based on transparency and fairness. The ISA works to fight against securities fraud, insider trading, questionable accounting practices and other activities which could harm Israel’s capital marketplace and Israel’s investor community.
The State of Israel was established in 1948, but securities trading had already begun there in 1935. Some leading pre-state banks, the Anglo-Palestine Bank, which later became Bank Leumi, and brokers traded on what was at the time an unofficial exchange, the Exchange Bureau for Securities.
On December 1, 1953, official trading began on the (TASE). Ten years later, a group of members of the Exchange created the TASE Clearing House. The Clearing House also acted as the central security depository in Israel. In 1968, the Knesset passed the Securities Law, which officially established the Israel Securities Authority, which became the modern regulatory framework for the Tel Aviv Stock Exchange and its operations.
The ISA closely models its practices on the basic principles established by US securities laws which took shape in the wake of the 1929 Wall Street crash and the Great Depression which followed in its wake. The overriding objective of securities legislation is the protection of the investor.
Israel's sole exchange is the . The Authority reviews proposals to amend the stock exchanges' bylaws 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.
Reports from Israel and overseas have expressed concern that despite repeated calls, the ISA has not taken robust action over multimillion-dollar activity in binary trading schemes, which are reported to be often fraudulent. Canada and Australia have warned of 11 such binary trading firms, most if not all of which are Israel-based.
Times of Israel quote from a trainer of binary fund traders
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