The Tel Aviv Stock Exchange (the
"TASE") has published a
proposed amendment to the TASE's Rules and Regulations for
the listing of global traded funds (such as ETFs) (the
"Proposed Amendment") for public
comment.
We are pleased to announce that the TASE is to allow
global-traded funds to be listed. The registration for trade of
global funds is a dual listing, i.e. the fund's units are
listed for trade on an "authorised" stock exchange
outside Israel.
Amendment 23 to the Joint Investment Trust Law, 1994, (and the
regulations promulgated therein) regulates the offering of units of
global funds in Israel. Pursuant to these regulations, a global
fund manager is exempt from publishing a
prospectus in Hebrew when offering units to the public in Israel.
However, a global fund manager is obligated to publish certain
details of the prospectus in Hebrew and to appoint a representative
as local contact. The representative may be either a
Hebrew-speaking employee of the
