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Financial Services Supervision Law (Pension Counselling, Marketing and Clearing System), 5765-2005

חוק הפיקוח על שירותים פיננסיים (ייעוץ, שיווק ומערכת סליקה פנסיוניים), תשס"ה-2005

Published: 2005-08-10Consolidated Hebrew text as of 2026-07-27 · Last amended 2026-07-22✓ 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 IX: Commencement, Transitional Provisions and Temporary Provisions

47. This Law shall come into force, except for sections 49(a) and 50(a), six months from the date of its publication (in this Chapter – the commencement date), and in respect of an insurer, including a managing company of a pension provident fund, and a person employed by it – one year from the date of its publication.

Transitional Provisions in respect of Engaging in Investment Counselling§

48.

A person who, on the eve of the date of publication of this Law (in this Chapter – the publication date), held a licence to engage in investment counselling pursuant to the provisions of the Investment Advice Occupation Regulation Law, and likewise a banking corporation that engaged in investment counselling under that Law, may, notwithstanding the provisions of any law, continue to engage in investment counselling in respect of the types of pension product listed in paragraphs (2) and (3) of the definition "type of pension product", even if they do not hold a pension counsellor's licence under this Law, for a period of three and a half years from the commencement date, and the provisions of the Investment Advice Occupation Regulation Law as in force on the eve of the publication date shall apply to their engagement as aforesaid.

Transitional Provisions in respect of Engaging in Pension Counselling§

49.
(a)Notwithstanding the provisions of section 5(a), an individual who on the eve of the publication date held a licence to engage in investment counselling under the Investment Advice Occupation Regulation Law shall be exempt, in examinations under section 5(a)(4) for the purpose of obtaining a pension counsellor's licence, from questions that relate entirely to the pension products listed in paragraphs (2), (3) or (7) of the definition "type of pension product", and shall likewise be exempt from the obligation of internship under section 5(a)(5).
(b)A person who on the eve of the publication date was a life insurance agent in the life insurance branch pursuant to the provisions of the Insurance Supervision Law, and who within three years of the commencement date obtained a pension counsellor's licence under section 5 after notifying the Commissioner that he undertakes not to engage in pension marketing or in insurance brokerage as defined in section 24 of the Insurance Supervision Law after obtaining such licence, shall be subject to the provisions of section 19(b) only upon the expiry of one year from the date of obtaining the licence; during that one-year period, a person who has obtained such a licence shall notify the client, before commencing to provide pension counselling, of any benefit he receives in connection with insurance brokerage carried out during the period in which he served as an insurance agent; the Commissioner may issue instructions concerning the manner of giving such notification.

Transitional Provisions in respect of Engaging in Pension Marketing§

50.
(a)
(1)A person who on the eve of the publication date was employed by a pension provident fund that is not an insurance provident fund or by a body that lawfully managed such a fund, and whose principal occupation within the framework of such employment, for three consecutive years immediately preceding the publication date, was pension marketing in Israel of a pension provident fund that is not an insurance provident fund, shall be exempt, in examinations under section 6(a)(4) for the purpose of obtaining a pension marketing agent's licence, from questions that relate entirely to the pension products in respect of which he engaged in pension marketing as aforesaid, and shall likewise be exempt from the obligation of internship under section 6(a)(5);
(2)A person who on the eve of the publication date was employed by an insurer, and whose principal occupation for three consecutive years immediately preceding that date was pension marketing in Israel of a type of pension product listed in paragraphs (4) to (6) of the definition "type of pension product", shall be exempt, in examinations under section 6(a)(4) for the purpose of obtaining a pension marketing agent's licence, from questions that relate entirely to the pension products in respect of which he engaged in pension marketing as aforesaid, and shall likewise be exempt from the obligation of internship under section 6(a)(5);
(3)A person who on the eve of the publication date was employed by a provident fund that is not a pension provident fund and is not an insurance provident fund, or by a person who lawfully managed such a provident fund, and whose principal occupation for three consecutive years immediately preceding the publication date was the lawful engagement in investment counselling pursuant to the provisions of the Investment Advice Occupation Regulation Law in respect of the pension products in paragraphs (2), (3) and (7) of the definition "type of pension product", shall be exempt in examinations under section 6(a)(4) for the purpose of obtaining a pension marketing licence, from questions that relate entirely to the pension products in respect of which he engaged in counselling as aforesaid, and shall likewise be exempt from the obligation of internship pursuant to the provisions of section 6(a)(5).
(b)A person who on the eve of the publication date was employed by a provident fund that is not a pension provident fund and is not an insurance provident fund, or by a person who lawfully managed such a provident fund, and whose principal occupation within the framework of such employment, for three consecutive years immediately preceding the publication date, was receiving instructions from others to execute transactions on their behalf in respect of a type of pension product listed in paragraphs (2), (3) or (7) of the definition "type of pension product" – and in respect of a person who was employed as aforesaid by a managing company that was approved less than three years before the publication date, whose principal occupation within the framework of such employment for one consecutive year immediately preceding the publication date – may, notwithstanding the provisions of section 13 and for as long as he is not entitled to engage in pension marketing pursuant to the provisions of section 3(1) or (2), continue to engage, within the framework of such employment, in those same activities, for a period of two and a half years from the commencement date.
(c)Notwithstanding the provisions of section 3(3), an institutional body that on the eve of the publication date controlled a banking corporation or was controlled by a person who controlled a banking corporation may engage in pension marketing in accordance with the provisions of that section, for a period of two and a half years from the commencement date.

Transitional Provision in respect of the Use of the Words "Counselling" and "Pension"§

51.

Notwithstanding the provisions of section 24(b), a person who on the eve of the commencement date used the combination of the words "counselling" and "pension" or the combination of derivatives of those words, in the name under which he conducts his business or in advertising on his behalf, may continue to make such use, unless his occupation is pension counselling under this Law and he does not hold a pension counsellor's licence under this Law.

Temporary Provisions§

52.
(a)During the period from the commencement date until the 24th of Tevet 5771 (31 December 2010), the conclusion of an exceptional agreement between a pension counsellor and an institutional body requires, in addition to approval under section 18(a), also the approval of the Commissioner of Competition.
(b)Notwithstanding the provisions of section 5(d) and section 11(a), the Commissioner may grant a pension counselling licence to an applicant that is a banking corporation whose equity capital, together with that of banking corporations that control it and are controlled by it, does not exceed NIS 10,000,000,000 –
(1)that controls or holds more than ten percent of a particular class of means of control in an investment marketer as defined in the Investment Advice Occupation Regulation Law that is a fund manager as defined in the Joint Investments in Trust Law, 5754-1994 (in this section – fund manager), during the period in which the banking corporation is permitted, under any law, to control or hold means of control in such a body;
(2)that holds more than ten percent of a particular class of means of control in an institutional body or pension agent that is a managing company, during the period in which the banking corporation is permitted, under any law, to hold means of control in such a body.
(c)
(1)A pension counselling licence of a banking corporation shall be deemed to be restricted in that it prohibits the banking corporation from providing pension counselling in respect of a pension product included in the types of pension product in paragraphs (4) to (6) and (8) of the definition of "type of pension product" –
(a)in a banking corporation whose equity capital, together with that of banking corporations that control it and are controlled by it, exceeds NIS 10,000,000,000 – until the date on which all the conditions set out in section 11(a)(1) to (4) were first met in respect of it, but –
(1)not before the 5th of Tevet 5769 (1 January 2009) – with respect to the provision of counselling in the localities listed in the Schedule;
(2)not before the 7th of Nisan 5769 (1 April 2009) – with respect to the provision of counselling in localities not listed in the Schedule;
(b)in a banking corporation whose equity capital, together with that of banking corporations that control it and are controlled by it, does not exceed NIS 10,000,000,000 – not before the 5th of Tevet 5769 (1 January 2009).
(2)During the period in which a pension counselling licence of a banking corporation is deemed to be restricted, the following provisions shall apply:
(a)the licence holder shall notify the client, before commencing the provision of pension counselling, that it is not permitted to provide pension counselling in the types of products in respect of which it is prohibited from advising; the Commissioner may issue directions regarding the manner of giving the notice as aforesaid;
(b)when selecting the type of product most suitable for the client, the licence holder shall examine all types of pension product, including those in respect of which it is prohibited from engaging in pension counselling;
(c)the selection of the pension product most suitable for the client or the institutional body most suitable for the client shall be made from among the pension products in respect of which it is permitted to engage in pension counselling, provided that the said pension product is of the type of pension product most suitable for the client.
(d)Until Regulations are made under section 32(h)(1)(b) of the Provident Funds Supervision Law, brokerage fees paid to a pension insurance agent under section 41(d) of the Insurance Supervision Law shall, for the purposes of section 19a, be deemed to be a distribution commission collected under section 32(h)(1)(b) of the Provident Funds Supervision Law from an institutional body that has a nexus to a pension product.

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Schedule (Section 52(c))

Umm al-Fahm, Ofakim, Or Akiva, Eilat, Iksal, Alon Shvut, Ibillin, Ariel, Beit Jan, Beit She'an, Beit Shemesh, Benei Yehuda, Baqa al-Gharbiyye, Jedida-Maker, Gush Halav, Jaljulia, Daburiyya, Dimona, Deir al-Assad, Daliyat al-Karmel, Hazor HaGlilit, Hurfeish, Hatzerim Military Base, Tiberias, Tayibe, Tire, Tamra, Yafi'e, Yoqne'am, Yeruham, Kabul, Kefar Vradim, Kefar Yasif, Kefar Yarka, Kefar Kanna, Kefar Manda, Kafr Qasim, Kafr Qara, Kefar Rama, Kefar Tavor, Karmiel, Majd al-Kurum, Migdal HaEmek, Majdal Shams, Modi'in Illit, Metula, Meitar, Ma'ale Adumim, Ma'alya, Mitzpe Ramon, Nevatim, Nahariya, Nazareth, Nof HaGalil, Netivot, Sakhnin, Omer, Ilabun, Akko, Afula, Araba, Arad, Peki'in, Pardes Hanna-Karkur, Safed, Qalansawe, Katzrin, Kiryat Gat, Kiryat Malakhi, Kiryat Shmona, Qarne Shomron, Rosh Pinna, Rahat, Ramat David, Sderot, Arava Branch – Sapir Center, Shlomi, Shapir, Shefa-'Amr, Tarshiha.

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