tailieunhanh - Israel: Detailed Assessment of IOSCO Objectives and Principles of Securities Regulation

The European microfinance market is characterized by varying legal and regulatory frameworks, different economic realities, differing political philosophies towards socio-economic activity, and different financial sector structures (and history). 5 Banks are subject to comprehensive regulation, even though local differences exist given that EU directives may not have been fully transposed into national law. In some European countries, only regulated banks may engage in micro- lending. Non-banks are typically not subject to banking regulation. However, specific regulations exist in some countries for MFIs (. as EU jurisdictions: Romania, France, Hungary, Italy, Latvia, Lithuania, Slovenia) or in relation to certain legal forms, . the. | 2012 International Monetary Fund April 2012 IMF Country Report No. 12 87 Israel Detailed Assessment of IOSCO Objectives and Principles of Securities Regulation This paper was prepared based on the information available at the time it was completed in March 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Israel or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. Copies of this report are available to the public from International Monetary Fund Publication Services 700 19th Street . Washington . 20431 Telephone 202 623-7430 Telefax 202 623-7201 E-mail publications@ Internet http International Monetary Fund Washington . Financial Sector Assessment Program Update Israel Iosco objectives and Principles of Securities regulation Detailed Assessment of Observance march 2012 International monetary Fund monetary and capital markets Department 2 Contents Page I. Summary Key Findings and II. III. Information and Methodology Used for A. Institutional Structure B. Market Structure and C. Recent IV. Preconditions for Effective Securities V. Main A. Summary .18 B. Recommended Action Plan and Authorities VI. Detailed Tables 1. Market Capitalization of TASE-listed Securities 2005-6 2011 .11 2. Ownership Structure of TASE-listed Companies 2001 and 3. Sectoral Composition of the TASE Equity Market June 4. TASE Brokerage Activity Distribution of Turnover by TASE Members 5. The Mutual Fund Industry 2005-2011 .13 6. The ETN Industry 7. Licensed Securities Firms 8. Summary Implementation of the IOSCO 9. Recommended Action Plan to Improve Compliance with

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