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Israel Trade & Economic Office, Embassy of Israel

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Israel Securities Authority joins IOSCO European Regional Committee

The International Organization of Securities Commissions (IOSCO) has approved the Israel Securities Authority‘s application to join its European Regional Committee (ERC) as a full member, after a unanimous vote by all 24 IOSCO members at its annual conference held in China in May.

Globes reported on the reaction of Securities Authority chairman Prof. Shmuel Hauser: “This is an honor for Israeli regulation. This decision reflects Europeans’ appreciation for the quality and professionalism of Israeli regulation, which meets the highest international standards. This is an important step that brings us closer to mutual recognition of the quality of regulation in securities laws between Israel and EU countries, as part of the regulatory road map for the coming years in the capital market, which we presented last month. This decision follows the decisions by the IMF and OECD that the quality of Israeli oversight is among the best in the world, and the ERC’s decision to recognize Israeli prospectuses.”

Israel applied to join the ERC because of difficulties and restrictions which prevented it from operating as an equal member in the Africa and Middle East Regional Committee (AMERC). Membership in the ERC will supersede Israeli membership in the AMERC. Until now, the Securities Authority was prevented, due to the political, diplomatic, and security situation in the Middle East, from participating in AMERC discussions and meetings, some of which are held in countries that have no diplomatic relations with Israel.

YnetNews also reported Hauser’s inputs:  “This is an important step which brings us closer to mutual recognition of the quality of regulation in securities laws between Israel and countries of the European bloc, as part of the regulatory road map for the coming years in the capital market.

Advocate Oranit Kravitz, director of the International Affairs Department, said that “one of the main goals of the road map is to increase the status of the Israeli capital market in the world, while building a regulatory infrastructure which meets the most advanced standards.

In addition, reinforcing regulation is crucial for dealing with the constitutional risks challenging the capital market in Israel and abroad. For this purpose we must cooperate with corresponding regulators, and one way to do so is through the European Regional Committee of the IOSCO.”

For the full Globes article click here.

For the full YnetNews article click here.