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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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Chapter IX: Indirect Amendments

Amendment to the Securities Law – No. 70§

72.

In the Securities Law, 5728-1968 –

(1)in section 1 –
(a)after the definition of "Provident Funds Supervision Law" the following shall be inserted:

""Financial Information Service Law" – Financial Information Service Law, 5782-2021;";

(b)in the definition of "supervised entity", after paragraph (11) the following shall be inserted:

"(11a) a holder of a licence to provide a financial information service under the Financial Information Service Law;";

(2)in section 52ae, in the definition of "violation", after paragraph (3) the following shall be inserted:

"(4) a violation as defined in section 52 of the Financial Information Service Law;";

(3)in section 52bd(a), after paragraph (7) the following shall be inserted:

"(8) a financial information service provider as defined in the Financial Information Service Law;";

(4)in section 52be(1), after "licences granted to the violator under the Joint Investments Law" the following shall be inserted: "a licence to provide a financial information service or a control permit in respect of a licence holder as aforesaid granted to the violator under the Financial Information Service Law";
(5)in section 52bm(b), after "an offence as defined in section 29 of the Investment Advice Law" the following shall be inserted: "an offence as defined in section 63(c) of the Financial Information Service Law".

Amendment to the Supervision of Financial Services (Regulated Financial Services) Law – No. 12§

73.

In the Supervision of Financial Services (Regulated Financial Services) Law, 5776-2016 –

(1)Chapter XI1 – is repealed;
(2)in section 71 –
(a)in the definition of "base amount", paragraph (5) – shall be deleted;
(b)the definition of "cost comparison service provider" – shall be deleted;
(c)in the definition of "financial services provider", the words "and for the purposes of section 72(b)(1), (29), (31), (32), (34) to (36), and (c)(4) and (6) and sections 73 and 92 – also a cost comparison service provider" – shall be deleted;
(3)in section 72(b), paragraphs (35a) to (35f) – shall be deleted;
(4)in section 114, subsection (b2) – is repealed;
(5)section 114a – is repealed.

Amendment to the Credit Data Law – No. 3§

74.

In the Credit Data Law, 5776-2016 –

(1)in section 4(b), after paragraph (2) the following shall be inserted:

"(3) a financial information service provider as defined in the Financial Information Service Law, 5782-2021, may collect and hold credit data for the purpose of transmitting them to another person, and also transmit credit data to another person, in the course of business, in the framework of its activity as a financial information service provider under that Law.";

(2)in section 13(2)(b), instead of "financial conduct" there shall come "economic conduct".

Amendment to the Criminal Record and Rehabilitation of Offenders Law – No. 25§

75.

In the Criminal Record and Rehabilitation of Offenders Law, 5741-1981 (in this Chapter – the Criminal Record Law), in the First Schedule, after item (47) the following shall be inserted:

"(47a) the Chairperson of the Israel Securities Authority, members of the Authority appointed pursuant to section 3 of the Securities Law and an employee of the Israel Securities Authority authorised to engage in licensing – in relation to the licensing of a financial information service provider and the granting of a control permit pursuant to sections 4(b), 7, 9 and 11a(2) of the Financial Information Service Law, 5782-2021, and information on the controlling shareholder and senior office holders of the applicant corporation and on the senior office holders of the controlling shareholder, all in accordance with procedures to be prescribed.".

Criminal Registry Law – Commencement§

76.

The commencement of item (47) of the First Schedule to the Criminal Registry Law, as worded in this Law, is on the day of publication of this Law.

Amendment to the Criminal Information and Rehabilitation of Offenders Law – No. 2§

77.

In the Criminal Information and Rehabilitation of Offenders Law, 5779-2019 (in this Chapter – the Criminal Information Law), in the First Schedule, in item 5, after paragraph (22) the following shall be inserted:

"(23) the Chairperson of the Israel Securities Authority, members of the Authority appointed pursuant to section 3 of the Securities Law and an employee of the Israel Securities Authority authorised to engage in licensing – in relation to the licensing of a financial information service provider and the granting of a control permit pursuant to sections 4(b), 7, 9 and 11a(2) of the Financial Information Service Law, 5782-2021, and information on the controlling shareholder and senior office holders of the applicant corporation, and on the senior office holders of the controlling shareholder, all in accordance with procedures to be prescribed.".

Commencement of the Criminal Information Law§

78.

The commencement of item 5(23) in the First Schedule to the Criminal Information Law, as worded in this Law, is on the day of commencement of the Criminal Information and Rehabilitation of Offenders Law, 5779-2019.

Amendment to the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law§

78a.

In the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 5755-1995, in section 8(b)(1), after "in the execution of transactions on the stock exchange" the following shall be inserted: "or in the provision of a financial information service as defined in the Financial Information Service Law, 5782-2021".

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Chapter X: Commencement, Application and Transitional Provisions

Commencement and Application§

79.
(a)The commencement of this Law, except for sections 75 and 77, is on the 15th of Sivan 5782 (14 June 2022) (hereinafter – the commencement date).
(b)Notwithstanding the provisions of subsection (a) –
(1)in relation to an information source that is a bank or an auxiliary corporation, the provisions of this Law shall apply with respect to the information baskets and accounts as detailed below, commencing on the dates set out alongside them:
(a)in relation to the information baskets referred to in items 4 and 5 of Part 1 of the Third Schedule – the 6th of Cheshvan 5783 (31 October 2022);
(b)in relation to the information basket referred to in item 6 of Part 1 of the Third Schedule – the 25th of Sivan 5783 (14 June 2023);
(c)in relation to accounts of corporations, with respect to all information baskets applicable to an information source that is a bank or an auxiliary corporation under Part 1 of the Third Schedule – the 2nd of Tevet 5784 (14 December 2023), provided however that in relation to accounts of corporations whose annual turnover does not exceed five million New Israeli Shekels and in respect of which only one authorised signatory has been designated in an account they maintain with an information source that is a bank or an auxiliary corporation, except in relation to item 6 of Part 1 of the Third Schedule – the 9th of Shevat 5783 (31 January 2023);
(d)in relation to the information basket referred to in item 3a of Part 1 of the Third Schedule – the 24th of Kislev 5786 (14 December 2025);
(2)in relation to an information source that is a holder of a stability payment services provider licence, the provisions of this Law shall apply with respect to the information baskets and accounts as detailed below, commencing on the dates set out alongside them:
(a)in relation to the information baskets referred to in item 4 of Part 1 of the Third Schedule as applied by item 1 of Part 2 of that Schedule – the 6th of Cheshvan 5783 (31 October 2022);
(b)in relation to accounts of corporations, with respect to all information baskets applicable to an information source that is a holder of a stability payment services provider licence under Part 2 of the Third Schedule – the 2nd of Tevet 5784 (14 December 2023), provided however that in relation to accounts of corporations whose annual turnover does not exceed five million New Israeli Shekels and in respect of which only one authorised signatory has been designated in the accounts they maintain with an information source that is a holder of a stability payment services provider licence – from the 9th of Shevat 5783 (31 January 2023);
(c)in relation to the information basket referred to in item 3a of Part 1 of the Third Schedule as applied by item 1 of Part 2 of that Schedule – the 24th of Kislev 5786 (14 December 2025);
(3)in relation to an information source that is a holder of a licence to provide deposit and credit services, the provisions of this Law shall apply with respect to the information baskets and accounts as detailed below, commencing on the 7th of Iyar 5784 (15 May 2024):
(a)in relation to the information basket referred to in item 1 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(b)in relation to the information basket referred to in item 2 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(c)in relation to the information basket referred to in item 3 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(d)in relation to the information basket referred to in item 4 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(e)in relation to the information basket referred to in item 5 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(f)in relation to the information basket referred to in item 6 of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule;
(g)in relation to accounts of corporations, with respect to all information baskets applicable to that information source under Part 3 of the Third Schedule;
(4)in relation to an information source that is an institutional body, the provisions of this Law shall apply with respect to the information basket and accounts as detailed below, commencing on the dates set out alongside them:
(a)in relation to the information basket referred to in item 4 of Part 1 of the Third Schedule as applied by item 1 of Part 4 of that Schedule – the 1st of Kislev 5784 (14 November 2023);
(b)in relation to accounts of corporations, with respect to all information baskets applicable to that information source under Part 4 of the Third Schedule – the 7th of Iyar 5784 (15 May 2024);
(5)in relation to an information source that is a holder of a credit-granting licence and a holder of a licence to operate a credit intermediation system, the provisions of this Law shall apply with respect to the information basket and accounts as detailed below, commencing on the 13th of Cheshvan 5785 (14 November 2024):
(a)in relation to the information basket referred to in item 4 of Part 1 of the Third Schedule as applied by item 1 of Part 4 of that Schedule;
(b)in relation to accounts of corporations, with respect to all information baskets applicable to that information source under Part 4 of the Third Schedule;
(5a)in relation to an information source that is a holder of a licence to provide deposit and credit services, the provisions of this Law shall apply with respect to the information basket referred to in item 3a of Part 1 of the Third Schedule as applied by item 1 of Part 3 of that Schedule – the 26th of Adar 5786 (15 March 2026);
(5b)in relation to an information source that is a payment company, the provisions of this Law shall apply with respect to the information baskets and accounts as detailed below, commencing on the dates set out alongside them:
(a)in relation to the information basket referred to in item 1 of Part 1 of the Third Schedule as applied by item 1 of Part 5 of that Schedule – the 16th of Sivan 5786 (1 June 2026);
(b)in relation to the information basket referred to in item 2 of Part 1 of the Third Schedule as applied by item 1 of Part 5 of that Schedule – the 16th of Sivan 5786 (1 June 2026);
(c)in relation to the information basket referred to in item 3 of Part 1 of the Third Schedule as applied by item 1 of Part 5 of that Schedule – the 16th of Sivan 5786 (1 June 2026);
(d)in relation to the information basket referred to in item 3a of Part 1 of the Third Schedule as applied by item 1 of Part 5 of that Schedule – the 16th of Sivan 5786 (1 June 2026);
(e)in relation to the information basket referred to in item 4 of Part 1 of the Third Schedule as applied by item 1 of Part 5 of that Schedule – the 16th of Sivan 5786 (1 June 2026);
(f)in relation to accounts of corporations, with respect to all information baskets applicable to that information source under Part 5 of the Third Schedule – the 16th of Sivan 5786 (1 June 2026);
(6)the commencement of section 57(b) and of item 21 of Part 2 of the Seventh Schedule is at the end of the transitional period as referred to in paragraph (2) of the definition of "transitional period" in section 81(a).
(c)The Minister may, by Order, with the approval of the Economics Committee, postpone the dates referred to in subsections (a) and (b), provided that no such date is postponed by more than two periods not exceeding six months each; a postponement as aforesaid may be made with respect to categories of information sources or categories of information baskets, and in relation to accounts of corporations it may be made with respect to all corporations or categories thereof.

Transitional Provision Regarding a Joint Joint-and-Several Account§

80.
(a)In this section, "joint joint-and-several account" – a joint account in respect of which an engagement agreement was concluded with an information source before the commencement date, and which stipulates that each of the account holders is entitled to give instructions in the account without the consent of the other account holder.
(b)An information source shall notify the holders of a joint joint-and-several account that the access authorisation granted by each of them shall be deemed an access authorisation given by all the account holders; the notice of the information source under this subsection shall be sent at least 21 days before the commencement date.
(c)The regulator of the information source shall prescribe, in regulator's instructions, provisions regarding the notice of the information source under subsection (b), including the details to be included therein and the manner of its dispatch; such provisions shall be prescribed by the date referred to in section 82(b).

Transitional provisions in respect of a veteran operator§

81.
(a)In this section –

"access by means of the customer's details" – access to financial information concerning a customer, held by an information source, by means of an online system, using the customer's access details as referred to in section 60;

"applicant" – a person who submitted an application for a licence or an approval before the commencement date, and on the commencement date the Authority or the regulator, as the case may be, had not yet issued a decision on the application, provided that such person received from the Authority or the regulator confirmation of the submission of the application;

"information originating in the customer's details" – financial information concerning the customer received from an information source by way of access by means of the customer's details;

"veteran operator" – an applicant or a service provider who, on the eve of the publication of this Law, was engaged in providing a customer with a service relating to the customer's economic conduct as referred to in section 25(a), on the basis of information originating in the customer's details;

"transition period" – as detailed below, as the case may be:

(1)in respect of a veteran operator who is an applicant – until a decision is issued by the Authority or the regulator, as the case may be, on the application;
(2)in respect of a veteran operator who is a service provider – until the end of one year from the date of commencement of this Law pursuant to section 79(b), in respect of accounts of corporations at a bank or an auxiliary corporation as referred to in the opening passage of section 79(b)(1)(c), or until the end of one year from the date of commencement of this Law in respect of the information basket detailed in item 6 of Part 1 of the Third Schedule as referred to in section 79(b)(1)(b), all according to the later date.
(b)Notwithstanding the provisions of section 60, a veteran operator who, on the eve of the publication of this Law, received financial information from an information source by way of access by means of the customer's details, may, during the transition period, continue to access the financial information concerning its customers held by that information source by way of access by means of the customer's details; the provisions of this Law applicable to a service provider in respect of financial information collected by means of the financial information interface system shall apply to such a veteran operator in respect of information originating in the customer's details, except for the provisions of Chapters V to VII, all with the necessary modifications and with the following modifications:
(1)in section 25, subsection (c) – shall not be read;
(2)in respect of section 26 –
(a)the obligation to enter into an agreement as referred to in that section shall not apply in respect of a customer who entered into an agreement with the veteran operator before the commencement date, until the end of six months from the commencement date, all in respect of information originating in the customer's details;
(b)the obligation under subsection (a)(2) to enable the customer, within the framework of the agreement, to select the information baskets in respect of which the customer agrees that the service provider shall be granted access to financial information, shall not apply in respect of information originating in the customer's details;
(3)in respect of section 28 –
(a)in subsection (a), the words "information baskets" – shall not be read;
(b)in subsection (c), paragraph (2) – shall not be read;
(c)subsection (d) – shall not be read.
(c)Notwithstanding the provisions of subsection (b), the Minister, with the consent of the Minister of Justice, shall prescribe that the provisions of Chapters V to VII, all or part thereof as the Minister shall prescribe, shall apply in respect of a breach of the provisions of this Law by a veteran operator, and the Minister may prescribe that the provisions of those Chapters shall apply subject to such conditions and modifications as the Minister shall prescribe.
(d)The provisions of section 29 shall apply, in respect of information originating in the customer's details, also to a financial body, representative, service provider or other body prescribed pursuant to section 29(f)(2)(b) and (c), that received from a veteran operator information originating in the customer's details in accordance with the provisions of section 29, as applied under subsection (b).
(e)An information source shall not prevent a veteran operator from continuing to receive, in accordance with the provisions of subsection (b), information originating in the customer's details during the transition period, by the technological means that were in use on the eve of the publication of this Law, on unreasonable grounds, provided that in respect of a veteran operator who is an applicant – that veteran operator presented to the information source the confirmation from the Authority or the regulator, as the case may be, of the submission of the application for a licence or an approval.

Initial regulator's instructions§

82.
(a)Initial regulator's instructions of the service provider regulator on the matters listed below shall be prescribed no later than the dates set out alongside them:
(1)instructions pursuant to sections 27(c)(1), 35(b) and 36(a) and (b) – three months before the commencement date;
(2)instructions pursuant to section 29(g) – two months before the commencement date;
(3)instructions pursuant to section 24(2) – one month before the commencement date;
(4)instructions pursuant to section 26(b) – by the end of three months from the commencement date.
(b)Initial regulator's instructions of the information source regulator pursuant to sections 41(a)(4), 48(a) and 80(c) shall be prescribed at least three months before the date of commencement of the Law in respect of the information source, pursuant to section 79, as the case may be; however, the Authority shall prescribe initial regulator's instructions for payment companies pursuant to those sections by the 19th day of Elul 5786 (1 September 2026).
(c)If the service provider regulator or the information source regulator has not prescribed initial regulator's instructions by the dates detailed in subsections (a) and (b), the Minister shall promulgate, in accordance with the Minister's authority under section 71(b), Regulations on the matters in respect of which the regulator was required to prescribe initial regulator's instructions pursuant to this section.

Report to the Knesset – temporary provision§

83.
(a)The Minister shall report to the Economic Affairs Committee, once a year, commencing on the 25th day of Sivan 5783 (14 June 2023) and for five years from that date, on the implementation of the provisions of this Law in the year preceding the reporting date (in this subsection – the reporting period), including on the following:
(1)changes that occurred during the reporting period, according to accepted competition indicators, in respect of the products and services listed in the information baskets to which this Law applies during the reporting period and in respect of the scope of use of the financial information service;
(2)changes in household expenditure on financial products and services in respect of the products and services listed in the information baskets to which this Law applies during the reporting period;
(3)the number of applications for a licence or an approval for the provision of a financial information service, the number of licence or approval recipients, and the number of bodies exempt from a licence and an approval pursuant to section 3(a), during the reporting period;
(4)the number of complaints submitted by customers to the service provider regulator during the reporting period, and the manner of handling deficiencies that were found, if any;
(5)the regulators' compliance with the obligation to prescribe initial regulator's instructions pursuant to section 82;
(6)the supervision and enforcement actions taken pursuant to this Law, including the number of financial sanctions imposed for breaches thereof and for which breaches they were imposed;
(7)consideration charged by an information source from a service provider during the reporting period for granting access to financial information pursuant to section 46.
(b)Notwithstanding the provisions of subsection (a), the first report pursuant to subsection (a) shall include information as referred to in paragraphs (3) to (7) of that subsection as well as information on preparations for the implementation of the Law.
(c)Each regulator shall provide to the Minister, by 31 March of each year and for the duration of the reporting periods, the information required for the purpose of a report pursuant to this section.

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