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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Chapter IV: Information Source
Obligation to Provide Access to Financial Information§
39.
(a)An information source shall provide a service provider with access to financial information about a customer that is in its possession, in accordance with the access authorisation granted by the customer pursuant to section 40, and all by means of the financial information interface system.
(b)An information source shall not make the provision of access pursuant to subsection (a) conditional upon the existence of an agreement between it and the service provider.
Access Authorisation§
40.
(a)An information source shall enable a customer to grant an authorisation for access by a service provider to financial information about the customer that is in the possession of the information source, by means of the financial information interface system; the information source shall enable the customer to include at least the following details in the access authorisation:
(1)the particulars of the service provider to whom access to the financial information will be granted;
(2)the customer's accounts with the information source and the information baskets in each account in respect of which access will be granted to the service provider;
(3)the period for which the access authorisation is granted as referred to in section 26(a)(3).
(b)An information source shall enable a customer to grant an access authorisation as referred to in subsection (a) in a simple and convenient manner.
Limitations on the Obligation to Provide Access§
41.
(a)
(1)Notwithstanding the provisions of section 39, an information source may refrain from providing a service provider with access to financial information if any of the following circumstances exists:
(a)there is a substantial concern of unauthorised access to the information or of a breach of the confidentiality obligation in respect of the information;
(b)there is a prohibition under law on providing the information to the customer;
(c)the access authorisation was granted by one of the account holders in a joint account, in accordance with the provisions of section 43(b), and that person has ceased to be an account holder;
(d)additional circumstances prescribed by the Minister, after consulting with the regulator of the information source and the regulator of the service provider, in which it is justified not to permit access as aforesaid for the purpose of protecting the interests of customers;
(2)if an information source has not provided access to information pursuant to the provisions of paragraph (1), it shall notify the service provider accordingly as soon as possible, unless disclosure of such information is prohibited by law, and shall also notify the regulator of the information source accordingly, together with the reasons therefor; the information source shall document the denial of access and the reasons therefor and shall retain the documentation;
(3)if the impediment to providing access to the information as referred to in paragraph (1) has been removed, the information source shall notify the service provider accordingly as soon as possible, and shall also notify the regulator of the information source accordingly, and shall grant the service provider access to the information in accordance with the provisions of section 39 as soon as possible;
(4)the regulator of the information source shall prescribe, in regulator's instructions, provisions regarding the giving of notice by an information source pursuant to paragraphs (2) and (3), and may prescribe, in regulator's instructions, provisions regarding the documentation and its retention as referred to in paragraph (2).
(b)The Minister, after consulting with the regulator of the information source and with the approval of the Economics Committee, and in relation to an information source supervised by the Bank of Israel – the Governor, with the consent of the Minister and with the approval of the Economics Committee, may prescribe, on considerations relating to the cost involved in implementing the provisions of this Law or to competition in the financial system, that an information source in respect of which conditions prescribed by the Minister are met shall not be required to provide access to financial information in its possession pursuant to the provisions of section 39.
(c)
(1)Without derogating from the provisions of subsection (b), the Minister, upon the proposal of or after consulting with the regulator of the relevant information source, and in relation to an information source supervised by the Bank of Israel – the Governor, with the consent of the Minister, may instruct an information source with a small scale of activity, on special grounds relating to the cost involved in implementing the provisions of this Law or to competition in the financial system, and at the request of the information source, that the obligation to provide access to financial information in its possession pursuant to the provisions of section 39 (in this subsection – the access obligation) shall not apply to it or shall apply at the end of a period as instructed;
(2)if an information source that has been given an instruction as referred to in paragraph (1) has ceased to be an information source with a small scale of activity, the access obligation shall apply to it from the date specified below, as the case may be, or at the end of another period as instructed by the Minister or the Governor, as the case may be, as referred to in paragraph (1):
(a)in relation to an information source in respect of which the Minister or the Governor instructed that the access obligation shall not apply – at the end of two years from the date on which it ceased to be an information source with a small scale of activity;
(b)in relation to an information source in respect of which the Minister or the Governor instructed that the access obligation shall apply at the end of an instructed period – at the end of the period so instructed or at the end of two years from the date on which the information source ceased to be an information source with a small scale of activity, whichever is earlier.
(d)Notwithstanding the provisions of section 39 and without derogating from the provisions of subsections (b) and (c), with respect to the bodies listed below, the obligation to provide access to financial information pursuant to the provisions of that section shall apply from the dates specified alongside them, as the case may be:
(1)in relation to a body that has for the first time become an information source – at the end of three years from the date on which it first became an information source as aforesaid;
(2)in relation to an information source upon which the obligation to provide access to financial information did not apply pursuant to subsection (b) or (c), and which at a later date became an information source of another type upon which the said obligation applies – at the end of three years from the date on which it became the holder of the other licence;
(3)in relation to an information source upon which the obligation to provide access to financial information applies, which at a later date became an information source of another type by reason of which it is required to provide access to information baskets in respect of which the obligation to provide access did not previously apply to it – at the end of one year from the date on which it became the holder of the other licence, with respect to those information baskets;
(4)notwithstanding the provisions of paragraphs (1) to (3), in relation to an information source that is an auxiliary corporation or a corporation controlled by a holder of a stability payment services provider licence – at the end of one year from the date on which it became an information source as aforesaid, except in relation to information baskets in respect of which the obligation to provide access applied to it or to the person controlling it previously; for this purpose, "control" – as defined in the Banking (Licensing) Law.
(e)The regulator of the information source shall publish on its website a list of information sources upon which the obligation to provide access to financial information in their possession does not apply, in respect of all or some of the information baskets, or upon which such an obligation shall apply at the end of a prescribed period, in accordance with the provisions of subsections (c) and (d).
Identification of a Service Provider before the Information Source§
42.
An information source shall provide a service provider with access to financial information by means of the financial information interface system pursuant to section 39, in accordance with the access authorisation granted by the customer pursuant to section 40, provided that the service provider has identified itself before the information source as a service provider in accordance with the provisions prescribed by the regulator of the information source pursuant to section 48(a)(3).
Joint Account§
43.
(a)An information source shall not provide a service provider with access to financial information relating to a joint account unless the access authorisation has been granted by all the joint account holders; notwithstanding the foregoing, in a joint and several account, an access authorisation granted by each of the account holders shall be deemed an access authorisation granted by all the account holders; in this section, "joint and several account" – a joint account under whose engagement agreement with the information source each of the account holders is entitled to give instructions in respect of the account without the consent of the other account holder.
(b)If one of the account holders in a joint and several account has granted an access authorisation as referred to in subsection (a), the information source shall notify all the joint account holders, as soon as possible, of the access authorisation and of their right to cancel that authorisation in accordance with section 45.
(c)The information source shall enable joint account holders to grant an access authorisation by each of the account holders as referred to in subsection (a) in a simple and convenient manner.
(d)An information source shall notify the holders of a joint and several account, at the time of signing the engagement agreement with them, that an access authorisation under this Law granted by each of them shall be deemed an access authorisation granted by all the account holders.
Account of a Corporation§
44.
(a)An information source shall enable an account holder in an account of a corporation to authorise, at any time, a signatory who shall be entitled to grant an access authorisation for financial information about the corporation in respect of that account; an information source shall offer the said account holder, at the time of opening the account, to authorise a signatory as aforesaid.
(b)The information source shall enable an account holder in an account of a corporation to authorise a signatory as referred to in subsection (a) in a simple and convenient manner.
Cancellation of Access Authorisation§
45.
(a)The following persons may, at any time, cancel the access authorisation granted in respect of their account, by means of a notice delivered to the information source:
(1)the account holder;
(2)in relation to a joint account – each of the account holders;
(3)in relation to an account of a corporation – also a signatory as referred to in section 44(a).
(b)The information source shall enable the cancellation of the access authorisation as referred to in subsection (a) in a simple and convenient manner, including by means of a notice delivered online.
(c)Upon receipt by the information source of a notice of cancellation of an access authorisation as referred to in subsection (a), the information source shall act in accordance with the notice and shall notify the service provider accordingly as soon as possible; if a cancellation notice as aforesaid has been delivered by one of the account holders in a joint account, the information source shall also notify the other joint account holders accordingly as soon as possible.
(d)Nothing in the provisions of this section shall derogate from the customer's ability to withdraw consent to grant access to the service provider to all the financial information about the customer in the possession of an information source, by means of cancelling or limiting the agreement with the service provider in accordance with the provisions of section 28; if the information source has received notice from a service provider of the withdrawal of the customer's consent to grant access to the service provider in accordance with the provisions of section 28(c)(2), the information source shall be deemed to have received notice from the account holder pursuant to this section of the cancellation of the access authorisation.
Restrictions on Collection of Consideration by an Information Source§
46.
(a)An information source shall not collect consideration from an account holder for the granting or cancellation of an access authorisation or for providing access to a service provider in accordance with the access authorisation.
(b)An information source may collect reasonable consideration from a service provider for providing access to financial information in its possession, subject to the provisions of the Fifth Schedule, provided that it shall not collect payment from the service provider for the granting or cancellation of an access authorisation; an information source shall not collect different consideration from different service providers for access to financial information provided under similar conditions.
(c)The Minister, after consulting with the regulator of the service provider, the regulator of the information source and the Commissioner of Competition, and with the approval of the Economics Committee, may prescribe circumstances in which an information source shall be entitled to collect different consideration from different service providers for access to financial information provided under similar conditions; however, in relation to an information source supervised by the Bank of Israel, the Minister shall prescribe such circumstances with the consent of the Governor, after consulting with the regulator of the service provider and the Commissioner of Competition, and with the approval of the Economics Committee.
Prohibition of Exerting Undue Influence§
47.
(a)An information source shall not do, by act or omission, in writing or orally or in any other manner, anything that constitutes the exertion of undue influence on a customer in any matter connected with the granting of an access authorisation under this Chapter.
(b)Without derogating from the generality of subsection (a), an information source that has presented to a customer a position or warning regarding the provision of access to financial information to a service provider or regarding the quality of the service provided by the service provider shall be deemed to have exerted undue influence.
(c)The Minister, after consulting with the regulator of the service provider and the regulator of the information source, may prescribe additional acts of an information source that shall be deemed to constitute the exertion of undue influence on a customer, and may prescribe, in the same manner and with the consent of the Minister of Justice, acts as aforesaid in respect of the performance of which a monetary sanction may be imposed.
Instructions of the Information Source Regulator§
48.
(a)The information source regulator, in consultation with the service provider regulators, and in relation to paragraph (3) – with the consent of the service provider regulators, shall prescribe, in regulator's instructions, provisions on the following matters:
(1)the manner of identification of the customer by the information source for the purpose of granting access authorisation, and the manner of granting access authorisation, including the identification of the customer and the receipt of the customer's authorisation as aforesaid by means of another party;
(2)the manner of providing access to financial information by the information source to a service provider, by means of the financial information interface system, including provisions regarding privacy protection, information security, a secure technological mechanism and documentation duties;
(3)the manner of authentication of a service provider to the information source;
(4)duties that shall apply to an information source in relation to the level of service it provides to service providers;
(5)duties that shall apply to an information source in relation to the delivery of notices to an account holder concerning access authorisation granted in the holder's account.
(b)Nothing in the provisions of this Section shall derogate from the powers of the information source regulator under this Law to prescribe additional provisions within the framework of regulator's instructions.
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