Regulatory Alerts2022-01-31
Banking Corporation Business with Related Parties
The Banking Supervision Department of the Bank of Israel has amended Proper Conduct of Banking Business Directive No. 312 to streamline regulatory requirements for banking corporations conducting transactions with related parties. The revisions update the definition of related parties by adjusting control thresholds, granting conditional exemptions to foreign bank branches, and clarifying board and audit committee reporting obligations. Additionally, the circular raises monetary approval thresholds for indebtedness and other transactions to NIS 500,000 or NIS 1 million, with the amendments taking effect on July 1, 2022.
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