Securities Law Update | October 2020
Companies Listed on The Tel Aviv Stock Exchange to be Permitted to Submit Reports in English
The Finance Committee of the Knesset (Israeli parliament) approved yesterday the proposal of the Israel Securities Authority to enable companies listed on the Tel Aviv Stock Exchange (“TASE”) to report in the English language.
This welcomed development is expected to further open the Israeli capital market to foreign companies, investors, and analysts who will now have access to TASE company reports in English. Until now, only companies dual listed on the TASE and on specific foreign stock exchanges and companies with shares included in the TASE Tech-Elite index were permitted to report in English.
This step follows other actions taken by the Israel Securities Authority in recent years to encourage the entry of foreign players to the Israeli capital market, including the change of the ownership structure of the TASE; the expansion of the dual listing regime to the Toronto, Singapore and Hong Kong Stock Exchanges, and the implementation of the XBRL(Xtensible Business Reporting Language) standard for reporting by TASE listed companies.
The new regulations permitting reporting in English will become effective three months after their publication in the Israeli official records.
For more information please contact your GKH attorney.