Regulatory Alerts2021-04-05
Implementation of an Open Banking Standard in Israel
The Banking Supervision Department of Israel issued Circular no. C-06-2658 to defer the implementation timeline of Proper Conduct of Banking Business Directive no. 368 to ensure system robustness and stability. The circular postpones Stage 2 open banking obligations to January 31, 2022, and Stage 3 obligations to May 31, 2022, while indefinitely delaying the implementation of securities information access. Additionally, the directive establishes transition periods for Directive 367, suspending its application to individual customers for current account transfers starting April 18, 2022, and for account aggregation services starting June 30, 2022.
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