During July, the Knesset passed the Control of Financial
Services (Regulated Financial Services) Law. The Law is a harbinger
of efforts to regulate the provision of financial services that had
not been supervised up until now, apart from certain aspects
pertaining to money laundering and the Regulation of Non-bank Loans
Law. The Law also unifies the handling of all matters relating to
the regulation of these services under one roof.
The next stages, as approved by the government, are regulation
of credit and deposit services in order to enable entities to
operate and offer alternatives to the banking system, and the
promotion of legislation to regulate the peer-to-peer (P2P) lending
platforms, all under the regulatory authority established by virtue
of the Law.
