Israel Securities Authority

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Israel Securities Authority

רשות ניירות ערך
Agency overview
Formed 1968
Jurisdiction Israel
Headquarters Jerusalem, Israel
Agency executive Shmuel Hauser, Chairperson (since 2011)

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]


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]


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 in the US, as well as in Israel, is the protection of the investor. This goal is accomplished through several important means:[3]

  • Supervising public securities offerings.[1]
  • Granting permits to publish prospectuses, which enable corporations to offer securities to the public, and mandating disclosure of material information by listed companies.[4]
  • 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.[2]
  • 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.[3]
  • Monitoring tender offers.[3]
  • Regulating and supervising the mutual fund industry.[2]
  • Overseeing the operations of the Tel Aviv Stock Exchange to ensure fair and orderly trading in Israel.
  • Supervising, licensing, and disciplining portfolio managers and investment advisors.[3]
  • Conducting investigations into violations of securities laws.[5]

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[edit]

  • Chairman of the ISA: Professor Shmuel Hauser[6]
  • Chief Economist: Dr. Gitit Gur-Gershgoren[7]
  • Responsible for Securities Matters in the Tel Aviv District Attorney’s (Taxation and Economics) Office: Orly Doron, Advocate[7]
  • Director of Information Systems Department: Mr. Natan Hershkovitz[7]


• 1969-1974: Mordechai Zagagy[8]

• 1974-1979: Yitzhak Taub[8]

• 1979-1980: David Weinshal[8]

• 1980-1983: Michael Arnon[8]

• 1983-1987: Eliezer Shilony[8]

• 1987: Meir Gabbay[8]

• 1987-1997: Arie Mintkevich[8]

• 1997-2002: Miri Katz[8]

• 2002-2008: Moshe Tery[8]

• 2008-2011: Zohar Goshen[8]

• 2011–present: Professor Shmuel Hauser[8]

See also[edit]


  1. ^ a b "Role of the ISA". Retrieved 18 February 2014. 
  2. ^ a b c "History". Retrieved 18 February 2014. 
  3. ^ a b c d "Role of the ISA". Retrieved 19 February 2014. 
  4. ^ "Israel Securities Authority". TASE Site. Retrieved 19 February 2014. 
  5. ^ "Israel, State of". SEC Info. Retrieved 19 February 2014. 
  6. ^ "ISA-Senior Staff". Retrieved 19 February 2014. 
  7. ^ a b c "Senior Staff". Retrieved 19 February 2014. 
  8. ^ a b c d e f g h i j k "Chairpersons of the ISA". Retrieved 19 February 2014. 

External links[edit]