Regulatory Alerts2014-03-09
Added
Report on Foreign Representative Offices
The Israel Supervision of Banks Department amended Instruction 865-1 regarding reporting by foreign representative offices, with amendments effective December 31, 2013. The updated instructions require banking corporations to submit quarterly and annual financial reports, audited financial statements, and specific data updates through the Bank of Israel's secure internet system. Reporting obligations apply to foreign branches and subsidiaries, mandating immediate notification of material changes such as management replacements, significant regulatory constraint alterations, or events affecting reputation. The document specifies detailed submission deadlines, including 45 days after quarter-end for financial reports and 14 days after quarter-end for branch audit reports, alongside precise formatting and calculation rules for balance sheets, income statements, and risk exposures.
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