Jerusalem, 24 February 2000
Finance Ministry Submits Proposals for Dual Listings
(Communicated by the Finance Ministry Spokesman)
The committee to examine the issue of dual listing of stocks on the Tel
Aviv Stock Exchange and foreign exchanges headed by Finance Ministry
Director-General Avi Ben-Bassat submitted its conclusions and
recommendation to Finance Minister Avraham Shohat yesterday (Wednesday)
23.2.2000. The Minister will submit the proposals for the approval by
the Ministerial Committee for Legislation.
The key recommendation is to permit Israeli companies to submit reports
in Israel using the same format as foreign companies in the United
States (Form 20-F); they would not have to supply additional information
required by American companies.
Companies that are listed on stock exchanges in the United States and
want to be listed in Israel as well may register on the TASE using the
same American disclosure and reporting documents and report to Israeli
investors using the reports required by American law. This would meet
the requirements of the Securities Law.
The committee also recommends simplifying the listing process for
companies that first register in Israel and later in the United States,
so that they may use American reporting methods from the outset.
The Securities Authority and TASE would have the supervisory authority
over dual listed companies. The Security Authority would have the
authority to demand additional details and documentation from companies
that have submitted documents according to American law. Israeli courts
would have the authority to handle violations of the laws instructions
and violations of disclosure and reporting that are based on American
law.