LawCorporate & Business Administrative Law

Financial Information Service Law, 5782-2021

חוק שירות מידע פיננסי, תשפ"ב-2021

Published: 2021-11-18Consolidated Hebrew text as of 2026-07-27 · Last amended 2026-07-26✓ Amendment status checked against the Knesset legislation record on 2026-09-29

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Unofficial English translation — for reference only. It may contain errors or omissions and cannot be relied on as a legal text. Only the Hebrew text published in Reshumot is legally binding.More

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The Hebrew text as published in Reshumot (ספר החוקים) and on the Knesset website is the sole authoritative and legally binding version. In any discrepancy, the Hebrew text prevails.

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Chapter I: Definitions

Definitions§

In this Law –

"information security" – as defined in the Privacy Protection Law;

"collection", of financial information – access to financial information held by another person who is an information source, by means of the financial information interface system, as well as the receipt and holding of such information, whether the receipt and holding thereof is effected by means of that system or otherwise;

"approval for the provision of a financial information service", "approval" – an approval from a regulator to engage in the provision of a financial information service, granted pursuant to Section D of Chapter II;

"means of control", "stock exchange", "equity capital", "holding", of means of control, "senior office holder", and "control" – as defined in the Securities Law;

"bank" – a bank and a foreign bank within the meaning of the Banking (Licensing) Law;

"holder of a licence to operate a credit intermediation system" – a person holding a licence to operate a credit intermediation system as defined in the Supervised Financial Services Law;

"holder of a credit-granting licence" – a person holding a credit-granting licence as defined in the Supervised Financial Services Law;

"holder of a licence to provide deposit and credit services" – a person holding a licence to provide deposit and credit services as defined in the Supervised Financial Services Law;

"holder of a portfolio manager licence" – a person holding a portfolio manager licence under the Investment Advice Law;

"holder of a stability payment services provider licence" – a person holding a stability payment services provider licence as defined in section 36i of the Banking (Licensing) Law, as well as a corporation under its control; for this purpose, "control" – as defined in the Banking (Licensing) Law and every term in that definition shall be interpreted in accordance with that Law;

"institutional body" – as defined in the Insurance Supervision Law;

"financial body" – a body as listed below:

(1)a bank;

(2)an auxiliary corporation;

(3)a holder of a stability payment services provider licence;

(4)an institutional body;

(5)a holder of a licence to provide deposit and credit services;

(6)a holder of a credit-granting licence;

(7)a holder of a licence to operate a credit intermediation system;

(8)a holder of a portfolio manager licence;

(9)a stock exchange member;

(9a)a payment company;

(10)another body prescribed pursuant to section 68(a);

"regulator's instructions" – as listed below, as the case may be:

(1)in relation to the Supervisor of Banks – instructions issued pursuant to section 5(c1) of the Banking Ordinance;

(2)in relation to the Supervisor of Providers of Financial Services – instructions issued pursuant to section 4(a) of the Supervised Financial Services Law;

(3)in relation to the Commissioner of Capital Markets, Insurance and Savings –

(a)in relation to an insurer – instructions issued pursuant to section 2(b) of the Insurance Supervision Law;

(b)in relation to a managing company – instructions issued pursuant to section 39(b)(1) of the Provident Funds Supervision Law;

(4)in relation to the Securities Authority –

(a)in relation to a holder of a portfolio manager licence – instructions issued pursuant to section 28(b) of the Investment Advice Law;

(b)in relation to a holder of a licence under this Law – instructions issued pursuant to section 63(b);

(c)in relation to a payment company – instructions issued pursuant to section 43(b) of the Payment Services Regulation Law;

(5)in relation to the Commissioner for the Sharing of Credit Data – instructions issued pursuant to section 68 of the Credit Data Law;

(6)in relation to a regulator referred to in paragraph (2)(e) of the definition "regulator of the service provider", as referred to in paragraph (4) of the definition "regulator of the information source" or as referred to in paragraph (5) of the definition "regulator of the financial body" – instructions as set out in the First Schedule;

"small scale of activity", in relation to an information source – as listed below, as the case may be:

(1)in relation to a bank – an asset value not exceeding 5% of the asset value of all banks in Israel or another percentage of such asset value as prescribed by the Governor pursuant to section 69(a)(1); for this purpose, "asset value", of a bank – the value of the bank's assets as appearing in the bank's balance sheet in the last annual financial report prepared on a consolidated basis in accordance with the generally accepted accounting principles applicable to it, and in relation to a foreign bank – the asset value of the bank in Israel as appearing in the balance sheet for its activity in Israel as at 31 December of the year preceding the date of the report, as reported by the bank to the regulator in accordance with the regulator's instructions;

(2)in relation to an information source supervised by the Bank of Israel that is not a bank – a scale of activity lower than the scale of activity prescribed by the Governor pursuant to section 69(a)(2);

(3)in relation to an information source that is a holder of a credit-granting licence or a holder of a licence to operate a credit intermediation system – a credit portfolio not exceeding NIS 250,000,000 or another amount prescribed by the Minister pursuant to section 69(b)(1); and in relation to an information source that is a holder of a licence to provide deposit and credit services – a deposit portfolio or credit portfolio not exceeding that amount or another amount prescribed by the Minister pursuant to section 69(b)(2); for this purpose, "credit portfolio" – as defined in sections 11a, 25a and 25q of the Supervised Financial Services Law, as the case may be, and "deposit portfolio" – as defined in section 25a of that Law;

(3a)in relation to an information source that is a payment company – the amount of funds it received for the purpose of providing payment services to its customers in the calendar year preceding the date of the submission of an application as referred to in section 41(c)(1) did not exceed NIS 25,000,000,000 or another amount prescribed by the Minister pursuant to section 69(b)(3), and also the amount of funds it transferred for the purpose of providing payment services to its customers in the preceding calendar year did not exceed NIS 25,000,000,000 or another amount prescribed by the Minister pursuant to section 69(b)(3);

(4)in relation to an information source not enumerated in paragraphs (1) to (3a) – a scale of activity lower than the scale of activity prescribed by the Minister pursuant to section 69(c);

"control permit" – a permit for control of a licence holder, granted pursuant to section 9;

"access authorisation" – within its meaning in section 40(a);

"cost comparison" – comparison of prices, costs, including interest rates and commissions or returns, in respect of a financial product or financial service;

"Economics Committee" – the Economics Committee of the Knesset;

"stock exchange member" – as defined in the Securities Law, excluding a banking corporation;

"managing company" – as defined in the Provident Funds Supervision Law;

"payment company" – as defined in the Payment Services Regulation Law;

"Banking (Licensing) Law" – Banking (Licensing) Law, 5741-1981;

"Banking (Customer Service) Law" – Banking (Customer Service) Law, 5741-1981;

"Privacy Protection Law" – Privacy Protection Law, 5741-1981;

"Payment Services Regulation Law" – Payment Services and Payment Initiation Regulation Law, 5783-2023;

"Companies Law" – Companies Law, 5759-1999;

"Investment Advice Law" – Regulation of the Engagement in Investment Advice, Investment Marketing and Investment Portfolio Management Law, 5755-1995;

"Pension Advice, Marketing and Clearing System Law" – Financial Services Supervision (Pension Advice, Marketing and Clearing System) Law, 5765-2005;

"Penal Law" – Penal Law, 5737-1977;

"Insurance Supervision Law" – Financial Services Supervision (Insurance) Law, 5741-1981;

"Provident Funds Supervision Law" – Financial Services Supervision (Provident Funds) Law, 5765-2005;

"Supervised Financial Services Law" – Financial Services Supervision (Regulated Financial Services) Law, 5776-2016;

"Securities Law" – Securities Law, 5728-1968;

"Credit Data Law" – Credit Data Law, 5776-2016;

"Payment Services Law" – Payment Services Law, 5779-2019;

"joint account" – an account maintained with an information source in respect of which more than one account holder is registered with the information source;

"investment adviser" – as defined in the Investment Advice Law;

"pension adviser" – as defined in the Pension Advice, Marketing and Clearing System Law;

"customer", of a service provider or of an information source – a person receiving a financial information service from the service provider or receiving a service from the information source, as the case may be;

"credit bureau" and "business information bureau" – as defined in the Credit Data Law;

"regulator", of a body engaged in the financial sector – a person granted authority by law to supervise the financial activity of that body;

"regulator of the financial body" – a regulator of a financial body as listed below, as the case may be:

(1)in relation to a bank, a holder of a stability payment services provider licence and an auxiliary corporation – the Supervisor of Banks;

(2)in relation to an institutional body – the Commissioner of Capital Markets, Insurance and Savings;

(3)in relation to a holder of a licence to provide deposit and credit services, a holder of a credit-granting licence and a holder of a licence to operate a credit intermediation system – the Supervisor of Providers of Financial Services;

(4)in relation to a holder of a portfolio manager licence and a payment company – the Authority;

(5)in relation to another body prescribed pursuant to paragraph (10) of the definition "financial body" – the regulator of that body;

"regulator of the information source" – a regulator of an information source, as listed below, as the case may be:

(1)in relation to a bank, a holder of a stability payment services provider licence and an auxiliary corporation – the Supervisor of Banks;

(2)in relation to an institutional body – the Commissioner of Capital Markets, Insurance and Savings;

(3a)in relation to a payment company – the Authority;

(4)in relation to another body prescribed pursuant to paragraph (8) of the definition "information source" – the regulator of that body;

"regulator of the service provider" – a regulator of a service provider, as listed below, as the case may be:

(1)in relation to a holder of a licence for the provision of a financial information service – the Authority;

(2)in relation to a holder of an approval for the provision of a financial information service – as listed below, as the case may be:

(a)in relation to a bank, a holder of a stability payment services provider licence and an auxiliary corporation – the Supervisor of Banks;

(b)in relation to an institutional body – the Commissioner of Capital Markets, Insurance and Savings;

(c)in relation to a holder of a licence to provide deposit and credit services, a holder of a credit-granting licence and a holder of a licence to operate a credit intermediation system – the Supervisor of Providers of Financial Services, provided that in relation to a holder of a credit-granting licence or a holder of a licence to operate a credit intermediation system that is a payment company – the Authority;

(d)in relation to a credit bureau and a business information bureau – the Commissioner for the Sharing of Credit Data;

(d1)in relation to a payment company – the Authority;

(e)in relation to another body prescribed pursuant to section 2(c) – the regulator of that body;

"insurer" – as defined in the Insurance Supervision Law;

"financial product", "financial service" – a product or service, as the case may be, that a body engaged in the financial sector provides in the framework of such engagement;

"financial information" – information held by an information source, concerning the financial activity of the customer with that information source, excluding information created by the information source on the basis of analysis of such activity;

"unidentified information" – information that is not identified information;

"identified information" – information that includes an identifying detail of a customer, or information from which an identifying detail of a customer has been separated but from which the customer to whom the information relates can be identified by reasonable effort, including by cross-referencing the information against other information available to the body holding such information or against information available to the general public; for this purpose, "identifying detail" – a first name, family name, identity number and any other information capable of leading, directly or indirectly, to the identification of a particular customer;

"investment marketer" – as defined in the Investment Advice Law;

"representative" – any of the following:

(1)a certified public accountant as defined in the Certified Public Accountants Law, 5715-1955;

(2)a representing tax adviser as defined in the Tax Adviser Representation Regulation Law, 5765-2005;

(3)another entity prescribed pursuant to section 68(b);

"Commissioner of Capital Markets, Insurance and Savings" – the Commissioner of Capital Markets, Insurance and Savings appointed pursuant to section 2 of the Insurance Supervision Law;

"Commissioner for the Sharing of Credit Data" – the Commissioner for the Sharing of Credit Data appointed pursuant to section 66 of the Credit Data Law;

"financial information interface system" – a secure online system by means of which an information source is required to provide access to financial information in its possession pursuant to section 39, the characteristics of which are set out in the Second Schedule;

"Supervisor of Banks" – the Supervisor of Banks appointed pursuant to section 5 of the Banking Ordinance;

"Supervisor of Providers of Financial Services" – within its meaning in section 2 of the Supervised Financial Services Law;

"online" – by means of the internet or by other technological means prescribed by the Minister pursuant to section 70(c);

"information source" – any of the following:

(1)a bank;

(2)a holder of a stability payment services provider licence;

(3)an auxiliary corporation;

(3a)a payment company;

(4)an institutional body;

(5)a holder of a licence to provide deposit and credit services;

(6)a holder of a credit-granting licence;

(7)a holder of a licence to operate a credit intermediation system;

(8)another body prescribed pursuant to section 68(c);

"investment marketer" – as defined in the Investment Advice Law;

"Governor" – the Governor of the Bank of Israel;

"financial information service provider", "service provider" – a holder of a licence for the provision of a financial information service or a holder of an approval for the provision of a financial information service;

"insurance agent" – as defined in the Insurance Supervision Law;

"pension agent" – as defined in the Pension Advice, Marketing and Clearing System Law;

"acquirer" – (deleted)

"information baskets", in relation to each information source – the types of financial information listed in respect of that information source in the Third Schedule;

"Banking Ordinance" – Banking Ordinance, 1941;

"licence for the provision of a financial information service", "licence" – a licence from the Authority to engage in the provision of a financial information service, granted pursuant to Section B of Chapter II;

"Authority" – the Securities Authority;

"financial information service" – any of the following:

(1)collection of financial information and its transfer to another;

(2)collection of financial information and its use online by the person who collected the information;

(3)use, online, of financial information collected by another and transferred to the user, as referred to in paragraph (1);

"banking corporation" – as defined in the Banking (Customer Service) Law, excluding a joint services company within the meaning of that Law;

"auxiliary corporation" – as defined in the Banking (Licensing) Law;

"brokerage" – the transfer of information from a service provider to a financial body in accordance with the provisions of section 29(a)(1) for the purpose of receiving an offer from that body to enter into a transaction with the customer, and the transfer of such an offer to the customer, whether or not the service provider assists the customer in entering into a transaction with such a body;

"Stock Exchange Rules" – within its meaning in section 46 of the Securities Law;

"Minister" – the Minister of Finance.

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LawCorporate & BusinessAdministrative Law

חוק שירות מידע פיננסי, תשפ"ב-2021

Financial Information Service Law

FISL 2021

Chok Sherut Midaa Pinansit

financial information service

financial data service law

financial information sharing

fintech regulation Israel

financial data protection

open banking Israel

financial API law

Financial Information Service Law, 5782-2021

Chapter I: Definitions

Definitions§Cite ✦

Definitions§