Country Manual Independent Portfolio Manager/Advisor (EAM)
Israel Update 2024
BRP has updated its Country Manual Independent Portfolio Manager/Advisor (EAM) for Israel out of company’s country of establishment (Def, RS & BT).
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | No |
| New Position of the Authorities | Yes |
| Evolution of Expert’s interpretation | No |
Regulatory Summary and Behaviour Template
Material changes
Further to the changes that have been communicated to our clients in the recent BRP Alerts Israel 2/2024 and 3/2024, the PB EAM manual has been updated. The main modification is that any External Entity, including a foreign EAM, requires a brokerage permit according to Section 49A Securities Law if it is involved in receiving or transmitting trading orders on behalf of investors, unless it complies with the ISA cross-border exemption:
The foreign EAM does not operate in Israel at all;
The foreign EAM has not made any approaches to prospects in Israel;
The service has been requested by the prospect/client (reverse solicitation);
The service is limited to the specific service in respect to which the approach was made by the prospect.
Non-material changes
There have only been minimal non-material changes.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the EAM Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM EAM BT SHORT COMP” and “ISRAEL” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Best regards,
Geneva, October 24th, 2024