As part of the globalization of the Israeli capital market, the
Financial Committee of the Israeli Knesset recently approved the
Joint Investment Trust Regulations (Offer of Units of a Foreign
Fund), according to which managers of foreign mutual funds may
offer their funds to the Israeli public.
Pursuant to the Regulations, the offering of the foreign mutual
funds is subject to a prospectus, and the fulfillment of several
The value of the total assets managed
by the foreign fund manager must be at least USD 20 billion.
The foreign fund manager must manage
at least five mutual funds abroad, whose units have been offered to
the public for at least five years.
The value of the assets managed in
the Foreign Mutual Funds in the two years preceding the proposed
offering in Israel must be at least USD 500 million. In addition,
the value of the specific foreign mutual fund to be offered in
Israel must be at least USD 50 million.
The units of the mutual fund must
have been offered for purchase in Europe or the United States for
at least six months before being offered in Israel.
The offered foreign mutual fund does
not specialize in investments in Israel.
The prices of the foreign fund units
offered to the Israeli public are published online in an ongoing
manner and are accessible to the public at no financial cost at any
The foreign fund is operating
pursuant to the Investment Company Act of 1940 or under the
The foreign fund manager will deposit
a bank guarantee or alternatively a securities deposit, in favor of
the Israeli Securities Authority and holders of the mutual
The foreign fund manager must appoint
a representative in Israel to be the contact of the mutual fund for
the Israeli Securities Authority and the holders of the fund units
Please note the final version of the Regulations have yet to be
published in an Official Publication – a condition for their
For further information, we invite you to consult with our
firm's Capital Market Department, which specializes in setting
up and advising mutual funds and various investment funds.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
A letter of credit in the Nigerian context is the assurance a foreign seller receives from a Nigerian Bank that it will be paid for the goods it has made arrangements to have delivered to a Nigerian buyer...
No food and related products shall be manufactured, imported, exported, advertised, sold or distributed in Nigeria unless it has been registered in accordance with the provisions of the Act and the accompanying guidelines.
The Israeli Parliament (Knesset) Finance Committee recently approved, following a long legislative process, the Joint Investment Trust Regulations (Foreign Fund Unit Offerings), 2016.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).