Regulatory Alerts2024-07-24
Amendment to Proper Conduct of Banking Business Directive no. 425 on Annual Reports to Customers
The Bank of Israel issued Circular no. C-06-2789 to correct errors and clarify the wording of Proper Conduct of Banking Business Directive no. 425 regarding annual reports to banking customers. The amendment mandates that the annual rate of return for securities deposits intended for investment portfolio management services be reported exclusively by the portfolio manager rather than the bank. This change ensures consistent disclosure practices by removing conflicting rate of return data from the bank's short-form and detailed annual reports.
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