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Israel drafts a law prohibiting the marketing of binary options abroad

Feb 23 2017
By
Jonathan Smith

The Israel Securities Authority has drafted a law that would ban locally-licensed brokers from marketing and advertising binary options outside of the country, online media Finance Magnates reported on Thursday. 

 

This draft comes as a result of the meeting held by the Israeli parliament’s State Control Committee earlier in January this year, where of Knesset members and the ISA discussed the matter. The new law is to be presented at a meeting on February 28th and the Treasury Minister has the power to ban additional products as he sees necessary.

 

The ban envisaged in the draft law in fact means that call centers of major binary options brokers located in Israel will have to shut down. Actually, most Israeli-based brokers have moved out of the country after the ISA’s prohibition on local binary options trading introduced in March last year, and have established units elsewhere, but kept their call centers running. They keep their businesses going by soliciting clients outside the country and ruining Israel’s reputation.

 

As a result, ISA received the grudges from a number of European regulators in relation to its policies regarding binary options, expressing concerns that the regulator is allowing fraudulent activities in the industry.

 

In October last year, the Chairperson of the ISA, Shmuel Hauser, announced that ISA will request amendments in the applicable law, prohibiting the marketing of binary options outside Israel. Obviously, he kept his promise.

 

In fact, many financial regulators lately have intensified their supervisory activity concerning risky instruments, and especially binary options. This week Dutch financial regulator announced its plans to ban advertising of FX, CFDs and binary options and to introduce a cap on leverage.  In August last year, Belgium banned the distribution via online channels of over-the-counter (OTC) binary options, spot forex, and CFDs with leverage. France has also banned the advertising of binary options, forex and CFDs with a leverage greater than 1:5.

TAGS: binary options  marketing ban  Israel  regulation  binary option brokers  ISA 
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