Thursday September 7 2017
News Source: Global Exchanges
Focus: Trading Systems and Technology
Type: Correspondence with Exchange
On the 6th of September 2017, the Israel Securities Authority (ISA) updated its Memorandum which explains the proposed changes to the Securities Law 1968. The changes are focused on regulating trading platforms that operate in Israel and offer trading activities exclusively to clients outside Israel.
The changes will amend Sections 44M and 44O of the Law. Such amendments will determine that trading platforms in Israel may offer trading activities exclusively to clients outside Israel only if the person or company holds a foreign license that permits them to operate in the country where the clients are located, and if they do not offer to trade in binary options or other financial instruments of any type so defined by the Ministry of Finance, based on the ISA’s recommendations or in consultation with the ISA and with the approval of the Knesset finance committee.
Furthermore, trading platforms that are managed in Israel and operate without a foreign license under the new Law, will be prohibited from appealing to or trading with clients in countries where managing a trading platform requires no license, or in countries where the trading platform does not hold a license as required by local law, and will be prohibited from offering their clients to trade in binary options or other financial instruments that are so determined by the Minister of Finance.
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