Israel: Updates for Portfolio Managers and Investment Advisors and Marketers in Light of the Coronavirus Crisis

Barnea Jaffa Lande & Co.
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In light of the coronavirus pandemic, the Israel Securities Authority (ISA) recently released a number of updates and reliefs on the obligations that apply to portfolio managers and investment advisors and marketers.

Extending the deadline for submitting annual reports on equity and insurance

The ISA announced it would not initiate or recommend enforcement measures against a licensed corporation in connection with the late filing of annual reports on equity and insurance, as well as the report on organizational structure, provided the reports are submitted no later than May 31, 2020 (instead of March 31, 2020).

For a review of the circular, click here.

Relief on documenting an investment consultation call with a client

The ISA announced that a consultation call could be documented up to two weeks from the date of the call, provided the documentation was carried out in the manner detailed in the staff position on streamlining the consultation process. This documentation will be deemed to have been made “close to the consultation” if the documentation process is carried out in accordance with the law.

To view the announcement, click here.

Extending the submission date for public comments on the ISA’s proposals for legislative amendments

The ISA published an update extending the submission date for public comments on the “Proposal to Amend the Regulation of Investment Advice and Investment Portfolio Management Law (Equity and Insurance), 2000” and the “Proposal to Amend the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995, on General Investment Advice.” The public now has until May 31, 2020, to comment on the proposed amendments.

Temporary provision for investment advice, investment marketing, and portfolio management license holders in connection with clarifying a client’s needs and guidelines

The ISA announced an amendment to the order for license holders in connection with clarifying a client’s needs and guidelines (New Version – 2014), which will be in effect until June 30, 2020. The main points of the amendment focus on facilitating how to conduct the initial needs clarification process for a new client remotely and modifying the requirement on conducting an update of client needs once a year. Thus, among other things, it is permissible to clarify the needs of a new client via telephone call, even without recording the call, provided the call is immediately documented by the license holder. In addition, client needs may now be updated once every 15 months.

To view the temporary order, click here.

ISA staff position on internships during the coronavirus crisis

The ISA has issued guidelines on the way internships will be conducted during the coronavirus crisis, in a manner that facilitates internship but also maintains the interns’ professional level and adherence to the law. The guidelines deal with the following issues: absence of a mentor due to vacation or illness, working from home, an intern in isolation, and a mentor in isolation.

To view the staff position, click here.

Update on licensing exams

The ISA announced that immediately following the Passover holiday, a decision will be published on its website regarding the scheduled licensing exam dates for May-June 2020.

For the full update, click here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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