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

חוק הפיקוח על שירותים פיננסיים (קופות גמל), 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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Despite these checks, it may contain errors, omissions, or imprecise renderings of legal terminology and cross-references, and it may not yet reflect the latest amendments. It cannot be relied upon as a legal text.

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.

This translation is provided for informational purposes only and does not constitute legal advice. For use in legal proceedings, request a certified Expert Legal Opinion.

First Schedule (Sections 43(a) and 47a)

Part 1

(1)he did not report on the holding of means of control pursuant to the provisions of section 34a of the Financial Services Supervision Law (Insurance), as applied in section 9(c);

(1a)he did not comply with a demand given to him pursuant to section 32a(e) of the Financial Services Supervision Law (Insurance), as applied in section 9(c);

(2)he breached a directive of the Commissioner given pursuant to the provisions of sections 11(e), 20(c), 36(a), 39(b) or pursuant to Section A-1 of Chapter IV of the Financial Services Supervision Law (Insurance) as applied in section 10;

(3)he did not make the provident fund's articles and every amendment thereto available for public inspection, did not furnish a copy of the articles or did not publish them, contrary to the provisions of section 18(a) or (b) or contrary to the directives of the Commissioner pursuant to section 18(c);

(4)he did not provide to a managing company, at the time of depositing monies in a provident fund under its management, the particulars that he was required to provide in accordance with the provisions prescribed by the Minister pursuant to section 22(b)(2);

(5)he did not send to members of a provident fund periodic reports or additional reports in accordance with the directives of the Commissioner pursuant to section 35;

(6)he did not comply with a demand given to him in accordance with the provisions of sections 50, 59b or 73 of the Financial Services Supervision Law (Insurance), as applied in section 39(c);

(7)he did not submit to the Commissioner reports and notices in accordance with the provisions of section 42 of the Financial Services Supervision Law (Insurance), as applied in section 40;

(8)he did not include in the minutes of the general meeting of a managing company the particulars required pursuant to the provisions of section 48a(a) of the Financial Services Supervision Law (Insurance), as applied in section 40;

(9)he did not provide to the Commissioner particulars, at his request, in accordance with the provisions of section 48a(b) of the Financial Services Supervision Law (Insurance), as applied in section 40.

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Part 2

(1)failed to comply with a condition among the conditions set in a managing company licence or in a provident fund approval, contrary to the provisions of section 2;

(2)breached a condition in a permit granted pursuant to section 9, contrary to the provisions of that section;

(3)failed to appoint an organ, office holder or other functionary in a managing company in accordance with the provisions under Section A-1 of Chapter IV of the Financial Services Supervision Law (Insurance), as applied by section 10, or appointed an organ, office holder or other functionary as aforesaid not in accordance with those provisions;

(4)served as an office holder or other functionary in a managing company, or acted in the capacity of such a position, contrary to the provisions under Section A-1 of Chapter IV of the Financial Services Supervision Law (Insurance), as applied by section 10;

(5)failed to appoint an investment committee in accordance with the provisions under sections 11(a) and (d) and 12, or appointed an investment committee not in accordance with those provisions;

(6)served as a member of an investment committee or acted in the capacity of a member of an investment committee, contrary to the provisions under sections 11(d) and 12;

(6a)acted contrary to the Minister's provisions under section 16(d)(6) with respect to the types of insurance under which members in a provident fund are to be insured, or acted contrary to the conditions set by the Minister under that section with respect to such insurance;

(6b)acted contrary to the Minister's provisions under section 21 with respect to the division of a provident fund account into components or the management of each of those components;

(7)failed to comply with the conditions set by the Minister under section 22(b)(1) with respect to the payment of monies to a provident fund;

(8)failed to collect interest from employers in respect of a late deposit, contrary to the provisions set by the Minister under section 22(b)(2);

(9)failed to furnish members or employers with certificates, contrary to the provisions set by the Minister under section 22(b)(3);

(10)paid monies, received monies or transferred monies from a provident fund, contrary to the provisions of section 23(a);

(11)failed to act in accordance with the Minister's provisions under section 23(b) with respect to the withdrawal and transfer of monies from a provident fund and from an investment track in a multi-track provident fund, and with respect to the continued deposit of monies in a provident fund;

(12)failed to furnish certificates, particulars, data and documents in accordance with the Commissioner's provisions under section 23(d);

(13)failed to act to locate members or beneficiaries in accordance with the Minister's provisions under section 24;

(13a)failed to delete the information received as referred to in section 24a(b)(8) or in section 24b(a)(11) in accordance with the provisions of that section, as the case may be;

(14)deposited cash of a provident fund contrary to the provisions under section 28(a) or managed a securities account of a provident fund contrary to the provisions under section 28(b);

(15)failed to act in accordance with the Commissioner's provisions under section 29 with respect to the holding and registration of provident fund assets;

(16)charged provident fund assets, contrary to the provisions under section 30;

(17)failed to participate in a vote at a general meeting of a corporation, contrary to the provisions under section 31(a), or failed to comply with directions of the Commissioner given pursuant to section 31(b);

(18)calculated the value of provident fund assets contrary to the Minister's provisions under section 33(a);

(19)failed to act in accordance with the Commissioner's provisions under section 33(b) with respect to the manner of calculating the value of provident fund assets;

(20)failed to calculate the return achieved by a provident fund on its assets, or failed to credit the fund's profits and losses to the members' accounts, in the manner and at the times set by the Minister under section 34, or failed to comply with the conditions set by the Minister under the provisions of that section with respect to new monies deposited in the members' accounts.

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Part 3

(1)invested provident fund monies otherwise than in accordance with the provisions under section 26 or 57(b);

(2)paid a commission or any other consideration, contrary to the provisions under section 32(e);

(3)made a misleading description in relation to a provident fund, or published or caused the publication of material containing such a misleading description, contrary to the provisions under section 36(b);

(3a)collected a commission for handling an application for a housing loan, contrary to the provisions of section 57b;

(4)failed to publish notice of the imposition of the financial sanction, in accordance with the Commissioner's provisions under section 92v(d) of the Financial Services Supervision Law (Insurance), as applied by section 47;

(5)insured a person against a financial sanction under Chapter IX-A of the Financial Services Supervision Law (Insurance) as applied by section 47, paid a financial sanction imposed under this Part on behalf of an individual, or indemnified an individual in respect of such a financial sanction, contrary to the provisions of section 92n of that Law as applied by section 47.

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Second Schedule (Sections 43(a) and 47a)

(1)In respect of a managing company –

Table
Volume of provident fund assets under the management of the managing company (in millions of New Israeli Shekels)	Amount of the financial sanction (in New Israeli Shekels)
Breach of a provision listed in Part 1 of the First Schedule	Breach of a provision listed in Part 2 of the First Schedule	Breach of a provision listed in Part 3 of the First Schedule
Up to 1,000	207,630	553,680	692,100
Above 1,000 up to 10,000	276,840	622,890	1,038,150
Above 10,000	346,050	692,100	1,384,200

(2)In respect of a corporation that is not a managing company –

Table
Amount of the financial sanction (in New Israeli Shekels)
Breach of a provision listed in Part 1 of the First Schedule	Breach of a provision listed in Part 2 of the First Schedule	Breach of a provision listed in Part 3 of the First Schedule
276,840	622,890	1,038,150

(3)In respect of an individual who is an office holder or who holds means of control in a managing company –

Table
Amount of the financial sanction (in New Israeli Shekels)
Breach of a provision listed in Part 1 of the First Schedule	Breach of a provision listed in Part 2 of the First Schedule	Breach of a provision listed in Part 3 of the First Schedule
34,610	83,050	103,820

(4)In respect of an individual who is an employee of a corporation listed in items (1) or (2) and is not an office holder therein –

Table
Amount of the financial sanction (in New Israeli Shekels)
Breach of a provision listed in Part 1 of the First Schedule	Breach of a provision listed in Part 2 of the First Schedule	Breach of a provision listed in Part 3 of the First Schedule
4,150	8,310	12,460

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