Israel Securities Authority (ISA)
The Israel Securities Authority (ISA) is Israel's national securities regulator, created by the 1968 Securities Law to protect investors and oversee the Tel Aviv Stock Exchange.
The Israel Securities Authority (ISA) is Israel's national securities regulator, the government body that supervises public companies, the Tel Aviv Stock Exchange and the investment industry in order to protect investors. It was established by the Securities Law of 1968 and is based in Jerusalem. The Minister of Finance appoints its chair.
Last updated: October 31, 2026
What Does the Israel Securities Authority Do?
The Israel Securities Authority regulates how securities are offered and traded in Israel. Its role is set out in Section 2 of the Securities Law, 5728-1968, and the authority describes its mission as protecting investors and promoting a transparent, fair capital market. It models its practices closely on the basic principles of United States securities law, according to its own description of its role.
How Does the ISA Relate to the Tel Aviv Stock Exchange?
The ISA has regulatory oversight of the Tel Aviv Stock Exchange's operations. That oversight extends to the Tel Aviv Clearing House, the MAOF Clearing House and the exchange's nominee company, all of which are wholly owned subsidiaries of TASE. The Securities Law of 1968 is also what created the modern regulatory framework for the exchange.
Who Appoints the ISA Chair?
The Minister of Finance appoints the chair of the Israel Securities Authority. Shmuel Hauser was appointed by Finance Minister Yuval Steinitz in May 2011, Anat Guetta was chosen by Finance Minister Moshe Kahlon in 2018, and Seffy Zinger was appointed by Finance Minister Bezalel Smotrich in August 2023, according to published biographies and news reports.
Why Does the ISA Matter for Companies and Investors?
The ISA matters because any Israeli company that offers shares or bonds to the public falls under its rules. Companies with public securities must file the disclosures the authority requires, and the authority investigates and enforces breaches of securities law. For foreign investors, the ISA is the body that sets the disclosure and conduct standards behind Israeli listings.
Frequently Asked Questions
What is the Israel Securities Authority?
The Israel Securities Authority is Israel's national securities regulator, established by the Securities Law of 1968 to protect investors and promote a fair and transparent capital market.
Where is the Israel Securities Authority based?
The authority is headquartered in Jerusalem.
Does the ISA regulate the Tel Aviv Stock Exchange?
Yes. The ISA has regulatory oversight of TASE, including the exchange's clearing houses and nominee company.
Who chooses the head of the ISA?
The Minister of Finance appoints the ISA chair.