חוק ניירות ערך (תיקון מס' 61), התשע"ז-2017Law on Securities (Amendment No. 61), 2017 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Securities Law (Amendment No. 61), 2017 (hereinafter – the Amendment), was passed in second and third reading on 20 March 2017. The Amendment establishes arrangements regarding the finality of clearing carried out at the Stock Exchange Clearing House, as well as the Clearing House's role as a central counterparty. An arrangement was also established for a situation in which a clearing house member enters insolvency proceedings. An instruction given by the end of the first business day following 24 hours from the end of the day on which the court issued a winding-up order or a stay of proceedings order with respect to a clearing house member will be considered valid, as long as it was made in accordance with the Clearing House's rules, and it will prevail notwithstanding anything stated in any law and in insolvency laws in general. It was also established that a copy of any request for a winding-up order or a stay of proceedings order will be delivered to the Clearing House and to the Israel Securities Authority upon its filing, and the Authority will be a party to any such proceeding. Regarding a foreign insolvency proceeding conducted with respect to a clearing house member, it was established that a court will not declare a foreign judgment given in the context of a foreign insolvency proceeding against a clearing house member to be enforceable, if enforcement of the foreign judgment would conflict with the provisions of Israeli law regarding the finality of clearing in insolvency proceedings with respect to a clearing house member. To the extent that a different arrangement is established regarding enforcement of a foreign judgment within the framework of an agreement between Israel and a foreign state or in a multilateral treaty to which Israel is a signatory – the provisions of the agreement or treaty will apply.

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