Regulatory Alerts2015-06-09
Added
Amendment to Proper Conduct of Banking Business Directive 411 Regarding Transparent Exchange-Traded Notes
The Bank of Israel amends Proper Conduct of Banking Business Directive 411 to exempt trustee accounts for transparent Exchange-Traded Notes tracking the Tel Aviv Banks Index from specific customer identification recording requirements. Specifically, Sections 2(b), 2(d)(2), and 4(a) of the Prohibition of Money Laundering Order do not apply to these accounts, provided the voting rights activation mechanism is approved by the Israel Securities Authority and the Bank of Israel. This exemption applies to banking corporations and credit card companies and becomes effective on the date of publication.