Regulatory Alerts2024-04-09
A Banking Corporation’s Activities as a Broker-Dealer
The Supervisor of Banks issued Directive 03/24 to establish a comprehensive regulatory framework governing the broker-dealer activities of banking corporations in Israel. The directive mandates strict requirements for corporate governance, risk management, internal controls, and professional qualifications to ensure fair market conduct and protect investors. It further specifies operational standards for client alignment, best execution, conflict of interest mitigation, and transaction documentation, while distinguishing obligations for retail versus eligible clients.
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