ISA Permits Global Research on TASE listed Securities

On December 17, 2025, the Israel Securities Authority (the "ISA") published a pre-ruling (the "Pre-Ruling") which addresses the preparation and distribution of research which covers companies listed on the Tel Aviv Stock Exchange ("TASE").

As a general rule, the provision of "research papers” requires a license under the Israeli Investment Advice Law, and research providers may only receive fees from the end-clients (i.e., the investor reviewing the research). Accordingly, research providers are generally not allowed to receive consideration from the covered companies.

However, The ISA determined that the licensing requirement and restrictions under the Investment Advice Law do not apply in the specific circumstances of the application, due to the weak nexus of the applicant’s activity to Israel.

This pre-ruling sheds light on the territorial application of the Israeli Investment Advice Law, and could be useful for global entities which analyze TASE-listed companies, or otherwise provide research or investment services with a nexus to Israel.

The foregoing is provided for general informational purposes only and does not constitute tailored legal advice.

Our firm advises domestic and international clients on aligning their activities with applicable regulatory requirements in Israel and, as appropriate, represents and assists them in their engagements with the Israel Securities Authority, including in connection with the receipt of exemptions or other regulatory reliefs.

Sincerely,

Securities Regulation and Capital Markets, Banking and Finance Department

Herzog, Fox & Neeman