A precedent-setting ruling has been issued in the case of Bizi Finance Ltd., in which the court was required to determine whether a promissory note signed electronically could be enforced through the enforcement and...more
Financial Information Service Order – Postponement Order Due to requests from licensed credit providers and licensed operators of credit brokerage system, who are deemed as information sources pursuant to the Financial...more
Recently, the Israel Securities Authority (ISA) published draft rules regulating entities’ notice of exemption from the obligation to obtain a license to provide payment or payment initiation services....more
1/14/2025
/ Compliance ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Israel ,
Israel Securities Authority (ISA) ,
Payment Services Directive ,
Policy Drafting ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements
2024 was characterized by a multitude of regulatory directives to payment companies and to payment initiation companies as part of the preparations for the licensing obligation that came into effect in June 2024. This year...more
1/7/2025
/ AML/CFT ,
Capital Markets ,
Compliance ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Harmonization Rules ,
Israel ,
Israel Securities Authority (ISA) ,
Licensing Rules ,
Payment Systems ,
Proposed Regulation ,
Regulatory Requirements ,
Risk Management ,
Strategic Planning
The Israel Securities Authority recently published a legal staff position aimed at clarifying the applicability of the Payment Services and Payment Initiation Regulation Law to activities conducted within trust/escrow...more
The Israel Securities Authority recently published a staff legal position addressing the licensing requirements for businesses operating in the “Buy and Sell” or “Reseller” model in online marketplaces. The position clarifies...more
12/4/2024
/ E-Commerce ,
Exemptions ,
Internet Retailers ,
Israel ,
Israel Securities Authority (ISA) ,
Licenses ,
Online Marketplace ,
Online Platforms ,
Payment Systems ,
Resales Agreements ,
Supply Contracts ,
Third-Party Service Provider
Recently, the issue of price tagging in supermarkets and grocery stores has gained attention. This follows a public consultation issued by the Consumer Protection and Fair Trade Authority (CPFTA) seeking input on...more
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
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
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
Recently there has been a significant increase in administrative enforcement proceedings, warning letters and motions to certify class actions in relation to the Processing of Packaging Law. The law, enacted back in 2011,...more
“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
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
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 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