Regulatory Alerts2012-03-22
Retention of documents
The Supervisor of Banks issued a directive under the Banking Ordinance, 1941, requiring Israeli banking corporations to retain documents related to transactions in tradable securities for at least seven years. The regulation defines covered documents to include telephone instructions, electronic messages, and computerized scans necessary for reconstructing transactions and their account effects. Banking corporations must also establish internal rules to ensure the protection, accessibility, and readability of these records throughout the retention period.
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