The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment...more
Most of the focus over the past year has been on the events of October 7 and the ensuing war. Not only the citizens, but also the legislative and regulatory authorities in Israel have been devoting most of their time to deal...more
9/18/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank of Israel ,
Capital Markets ,
Corporate Governance ,
FATF ,
Financial Institutions ,
Israel ,
New Regulations ,
Payment Systems ,
Privacy Laws ,
Risk Management
Recently, the Consumer Protection and Fair-Trade Authority issued a position paper regarding the disclosure obligations businesses must meet when making changes to product characteristics or components. According to the...more
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
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
The Haifa District Court recently handed down a ruling in a motion to certify a class action filed against Ofir Tours Ltd. by its customer. The plaintiff bought an Eilat hotel vacation through Ofir Tours, paying in credit...more
9/6/2023
/ Class Action ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Cards ,
Disclosure Requirements ,
Interest Rates ,
Israel ,
Pricing ,
Regulatory Requirements ,
Surcharges ,
Transaction Fees
“A small country surrounded by enemies” is a well-known Israeli proverb. This state of mind has an impact on Israeli policy regarding foreign direct investments (FDI). While FDI are encouraged by the State of Israel,...more
Most international companies prefer operating in Israel through domestic business partners, rather than setting up their own local operation. Such local partners – distributors or agents – assume all or a portion of the local...more
Unsolicited telemarketing using consumers’ phone numbers often constitutes infringement of Israeli residents’ privacy. Moreover, it is a real nuisance and has become fertile ground for crimes of fraud of one kind or another....more
Providing medical information about a person is a highly sensitive personal matter. Asking for it as part of the hiring process raises difficulties in relation to both Israeli labor and privacy protection laws. Employers may...more
The Israeli Privacy Protection Authority (PPA) recently published a document for public comments entitled, “Protecting Patients’ Privacy When Transferring Medical Information via Digital Devices and Undesignated Software.”...more
In light of the increase in fraud crimes in the digital space, a team from the Israeli Justice Ministry has formulated recommendations for defining a policy to contend with ransomware attacks. The recommendations relate to...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
IoT products are fraught with risks when it comes to privacy, personal data, and cyberattacks, and consumers must be informed of these risks before purchasing. A new draft directive published by the Israeli Consumer...more
8/25/2022
/ Consumer Protection Laws ,
Cyber Threats ,
Disclosure Requirements ,
Importers ,
Internet of Things ,
Israel ,
Manufacturers ,
Policy Drafting ,
Public Comment ,
Retailers ,
Security Risk Assessments
Israel’s Privacy Protection Authority (PPA) recently published its position on the duty to inform when collecting and using personal data. This is an important position, as it clarifies how to design the interface with the...more
8/8/2022
/ Algorithms ,
Artificial Intelligence ,
Consent ,
Consumer Privacy Rights ,
Data Collection ,
Duty to Inform ,
Enforcement Authority ,
Israel ,
Outsourcing ,
Personal Data ,
Privacy Laws ,
Third-Party ,
WhatsApp
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 Israeli Privacy Protection Authority has published recommendations that organizations and companies in all sectors of the economy should appoint data protection officers, along with an instruction kit in this regard. The...more
Forty years after the enactment of the Israeli Privacy Protection Law, a new draft bill seeks to adapt the Privacy Protection Law to the digital age. One of the main purposes of the draft bill is to preserve the right to...more
The legislation of privacy protection laws in Israel has shifted into high gear and is beginning to close the gap with legislation in Europe. A major step in this direction occurred about a month ago when the Ministerial...more
1/3/2022
/ Cross-Border ,
Data Collection ,
Data Privacy ,
Data Processors ,
Data Protection ,
Data Protection Authority ,
Data Protection Officers (DPOs) ,
Data Storage ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Israel ,
Legislative Agendas ,
National Security ,
Personal Information ,
Privacy Laws ,
Surveillance
There has been an uptrend in recent years of employers using a variety of technological tools to supervise their employees and oversee the quality of their work. The use of these tools has become more prevalent due to the...more
The block exemption for non-horizontal arrangements recently underwent a significant change. Beyond changing the name of the block exemption to “Rules of Economic Competition,” a significant amendment was introduced relating...more
The Bank of Israel published its latest annual review at the end of May. The review includes an announcement by Supervisor of Banks Yair Avidan that he is promoting the formulation of updated comprehensive regulations on...more
*** The text below was updated on March 9, 2021, in light of current proceedings in the Labor Court and in light of memoranda of law currently being formulated.
The past year has been nothing less than a roller coaster for...more
3/9/2021
/ Coronavirus/COVID-19 ,
Customers ,
Employment Litigation ,
Employment Policies ,
Furloughs ,
Grocery Stores ,
Incentive Compensation ,
Infectious Diseases ,
Israel ,
Paid Leave ,
Privacy Laws ,
Retailers ,
Third-Party Service Provider ,
Vaccinations ,
Virus Testing ,
Workplace Safety