2012年-IMF国际货币组织全球_Israel_Detailed_Assessment_of_IOSCO_Objectives_and_Principles_of_Securities_Regulation_164页_2mb

Summary of the Detailed Assessment of IOSCO Objectives and Principles of Securities Regulation in Israel

Core Content

This document provides a detailed assessment of the observance of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation in Israel, conducted as part of the Financial Stability Assessment Program (FSAP) Update mission in 2011. The assessment was based on the information available up to March 2012 and reflects the views of the IMF staff, not necessarily those of the Israeli government or the Executive Board.

Main Findings

• Regulatory Regime: Israel's regulatory regime is well developed and generally comparable to major jurisdictions. It is compliant with international standards, and oversight by the Israel Securities Authority (ISA) is robust and effective. However, some deficiencies remain, and the ISA has initiated efforts to address them.
• Regulatory Gaps: There is a significant gap in the regulation of broker-dealer activities, particularly those not involving stock exchange membership or advice to retail investors. Similarly, over-the-counter (OTC) derivatives activity, including products sold to retail investors, is not fully regulated.
• Market Structure and Activity: The Israeli securities market has undergone substantial changes over the past decade, driven by policy reforms and the development of new financial products. The mutual fund industry has seen significant consolidation, while the ETN market has expanded rapidly.
• Regulatory Authorities: The financial sector in Israel is regulated by three main authorities:
  • The Supervisor of Banks (BOI), responsible for prudential and consumer protection regulation.
  • The Capital Markets, Investment and Savings Division (CMISD), responsible for insurance and retirement savings.
  • The ISA, an independent authority overseeing the securities sector, including exchange markets, mutual funds, and investment advisers.

Key Information

Market Capitalization and Activity

• The TASE-listed securities market has seen growth in both equity and debt markets. By June 2011, the total market capitalization reached NIS 217 billion.
• The equity market is dominated by the manufacturing sector (16%), followed by pharmaceuticals (26%), and high-tech (8%).
• The corporate bond market has grown significantly, reaching NIS 242 billion in 2011.
• The derivatives market is dominated by trading in the TA-25 and NIS/USD FX options.

Ownership Structure

• In 2001, Israeli public shareholders held 42% of the principal holdings, while foreign investors held 8%.
• By 2010, foreign investors held 5% of principal holdings but 30% of public holdings.
• Institutional investors and mutual funds have increased their share of public holdings over time.

Brokerage Activity

• Banks account for the majority of brokerage activity on TASE, holding 67% of equity trading, 74% of bond trading, and over 80% of derivatives trading in 2010.
• TASE owns two clearing houses, TASECH and MAOFCH, which handle clearing and settlement for various financial instruments.

Mutual Fund Industry

• The mutual fund industry has experienced significant consolidation, with the number of active fund managers dropping from 42 in 2005 to 26 by 2011.
• The number of mutual funds increased from 918 in 2005 to 1,272 in 2011, but net assets fluctuated due to market conditions.
• The ETN market has grown rapidly, with over 437 ETN series listed by the end of 2010 and a float-adjusted market capitalization of almost NIS 55 billion.

Key Recommendations

• Comprehensive Regulation: A comprehensive regulatory framework for investment intermediaries is needed to ensure all activities are covered, including those not involving stock exchange membership or advice to retail investors.
• Enhanced Oversight: The ISA should continue its efforts to improve compliance with IOSCO principles and address the identified deficiencies.
• Market Stability: The absence of a licensing framework for certain intermediaries could impact investor protection and market stability, necessitating regulatory action.

Conclusion

The assessment highlights that Israel's securities regulation is generally sound and aligned with international standards, but there are areas requiring improvement, particularly in the regulation of broker-dealer and OTC derivatives activities. The ISA has already taken steps to address these issues, and further implementation of the proposed legislative changes should enhance compliance with IOSCO objectives and principles.