On July 30, 2014, Amendment No. 23 to the Israeli Joint Investment in Trust Law, 5754-1994 (the “Joint Investment Law”) was published following the approval of the Israeli parliament (the “Amendment”). The Amendment is a major part of the Israel Securities Authority’s (the “ISA”) endeavor to open the Israeli retail investments market and allow Israeli investors to have access to foreign (non Israeli) investment funds (including ETFs) of major fund managers. The Amendment shall enter into force following the promulgation of certain regulations the draft of which is currently under discussions, all as further detailed below (the “Proposed Regulations”). Following is a brief overview regarding the Amendment and the Proposed Regulations.
