The emerging risks in the financial services market and the inception of the Regulation of Payment Services and Payment Initiation Law prompted the Capital Market, Insurance and Savings Authority (CMISA) to amend a series of...more
8/14/2024
/ Banking Sector ,
Capital Markets ,
Compliance ,
Corporate Governance ,
Cybersecurity ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Guidance Update ,
Insurance Industry ,
Israel ,
New Guidance ,
p2p ,
Payment Systems ,
Related Parties ,
Risk Management
As part of its actions to increase competition in the payments market, and alongside the entry into force of the Regulation of Payment Services and Payment Initiation Law, 2023, the Bank of Israel has opened access to...more
On June 6, 2024, the Regulation of Payment Services and Payment Initiation Law came into effect. Relevant entities may now submit license applications for providing payment and payment initiation services....more
7/16/2024
/ Bank of Israel ,
Customer-Loyalty Programs ,
E-Commerce ,
Exemptions ,
Financial Services Industry ,
Foreign Entities ,
Foreign Financial Institutions (FFI) ,
Israel ,
Israel Securities Authority (ISA) ,
Licensing Rules ,
New Legislation ,
Payment Systems
For financial service providers in Israel, including of non-bank credit and financial asset services, 2022 was the year of regulatory creation. Regulatory authorities published a number of circulars and directives that...more
To make it easier for fintech companies to operate in Israel, the Knesset Finance Committee has passed regulations to exempt several types of credit providers and financial service providers from a licensing duty....more
The Israeli Capital Market, Insurance and Savings Authority (CMISA) recently published drafts of two important circulars regulating financial asset service providers, including provisions regarding protection of virtual...more
Institutional investors, corporations, exchanges, individuals, and crypto miners all have strong demand for crypto custody services, as provided by special market participants. These services intend to safeguard customers’...more
7/21/2022
/ Bitcoin Mining ,
Crypto Exchanges ,
Cryptocurrency ,
Custody ,
Digital Assets ,
EU ,
Financial Services Industry ,
Insolvency ,
Institutional Investors ,
Investment Advisers Act of 1940 ,
Investors ,
Israel ,
OCC ,
Proposed Regulation ,
Regulatory Authority
Israel’s Capital Market, Insurance and Savings Authority (CMISA) recently published two new risk management circulars for financial service providers. The first circular pertains to risk management in its broadest sense,...more
The Bank of Israel recently published a draft directive on proper banking management. It details various provisions in favor of changing the conduct patterns of consumer credit providers toward their clients, both from the...more
The Governmental Cyber Security Unit has published a new directive according to which material service providers to government, infrastructure, and finance bodies will be required to adopt a common and unified standard for...more
1/2/2020
/ Banking Sector ,
Critical Infrastructure Sectors ,
Cybersecurity ,
Federal Contractors ,
Financial Services Industry ,
Government Entities ,
Information Security ,
Infrastructure ,
Israel ,
Popular ,
State Contractors ,
Third-Party Service Provider
The Bank of Israel recently led several important developments in the Israeli payments market. These developments are designed to encourage competition in the payment services market and to advance the implementation of...more
12/23/2019
/ Bank of Israel ,
Credit Cards ,
Electronic Payment Transactions ,
EU ,
European Banking Authority (EBA) ,
Financial Services Industry ,
Innovative Technology ,
Israel ,
Open Banking ,
PSD2 ,
Regulation Technical Standards (RTS)
The payment market in Israel and around the world is marching toward revolution: Facebook announced the launch of its digital currency, the Libra; Le’umi Bank entered into agreements with 400 businesses for acceptance of...more
7/11/2019
/ Bank of Israel ,
Banks ,
Credit Cards ,
Digital Currency ,
Electronic Payment Transactions ,
Facebook ,
Financial Services Industry ,
Innovative Technology ,
Israel ,
Mobile Apps ,
Payment Systems ,
Point of Sale Terminals