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.[1]
Contents
Establishment
The State of Israel was established in 1948, but securities trading had already begun there in 1935. One of the pre-state leading banks, the Anglo-Palestine Bank, which later became Bank Leumi, were also brokers that traded on what was at the time an unofficial exchange, the Exchange Bureau for Securities.
On December 1, 1953 official trading began on the Tel Aviv Stock Exchange (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.[2]
Mandate
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.[3]
Israel's sole exchange is the Tel Aviv Stock Exchange. 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.
Senior staff
- Chairman of the ISA: Professor Shmuel Hauser[4]
- Chief Economist: Dr. Gitit Gur-Gershgoren[5]
- Responsible for Securities Matters in the Tel Aviv District Attorney’s (Taxation and Economics) Office: Orly Doron, Advocate[5]
- Director of Information Systems Department: Mr. Natan Hershkovitz[5]
Chairpersons
- 1969-1974: Mordechai Zagagy[6]
- 1974-1979: Yitzhak Taub[6]
- 1979-1980: David Weinshal[6]
- 1980-1983: Michael Arnon[6]
- 1983-1987: Eliezer Shilony[6]
- 1987: Meir Gabbay[6]
- 1987-1997: Arie Mintkevich[6]
- 1997-2002: Miri Katz[6]
- 2002-2008: Moshe Tery[6]
- 2008-2011: Zohar Goshen[6]
- 2011–present: Professor Shmuel Hauser[6]
See also
References
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