Many FX brokers have products denominated in shekels and may not realise that they have reporting obligations to the Bank of Israel as well as their standard jurisdictional reporting requirements. FX brokers should review the reportable requirements list to determine whether or not they will need to commence reporting in January 2017 in order to maintain compliant when trading shekel derivatives.
The Bank of Israel’s reporting obligations for shekel reporting mandated under chapter 39(b) of the bank of Israel Law 5770- 2010 will commence on 1 January 2017. Financial entities that fail to report and continue to trade shekel derivatives will be subject to monetary penalties by the regulator.
Reporting obligations apply to financial entities trading shekel derivatives based in Israel as well as all other financial entities that trade shekel derivatives regardless of whether they or their counter parties are based in Israel or abroad.
Sarah works with the Compliance Team with a particular focus on compliance and legal services. Sarah works with the Legal Team providing ongoing assistance in drafting and reviewing documentation as well as legal research. Sarah assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support in the form of compliance program implementation and reviews.