Financial Services Supervision Law (Regulated Financial Services), 5776-2016
חוק הפיקוח על שירותים פיננסיים (שירותים פיננסיים מוסדרים), תשע"ו-2016
Published: 2016-08-01Consolidated Hebrew text as of 2026-07-26 · Last amended 2026-07-22✓ Amendment status checked against the Knesset legislation record on 2026-09-17
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Chapter X: Winding Up of the Business of a Financial Service Provider
Notice of Winding Up of Business§
61.
A financial service provider that has resolved on its voluntary winding up or on the winding up of its business, generally or in a particular field of activity, against which winding-up or bankruptcy proceedings have been commenced, or which has not engaged in the provision of financial services for two consecutive years, shall notify the Supervisor thereof within seven days.
Voluntary Winding Up§
62.
If a financial service provider has resolved on its winding up or on the winding up of its business, generally or in a particular field of activity, the Supervisor may, if it considers it necessary to do so in order to protect the interests of the customers of the financial service provider –
(1)direct the financial service provider to act in a particular manner in the winding up of the business;
(2)apply to the court with a request that an order be made for the winding up to be by or under the supervision of the court.
Winding Up Consequent upon Cancellation of Licence§
63.
(a)A financial service provider whose licence has been cancelled shall wind up its business in Israel in the field of activity in respect of which the licence was cancelled.
(b)The Supervisor may, if it considers it necessary to do so in order to protect the interests of the customers of a financial service provider whose licence has been cancelled, direct the provider to act in a particular manner in the winding up of the business.
(c)If a financial service provider whose licence has been cancelled has not wound up its business within a reasonable time, the court may, upon application by the Supervisor, appoint a receiver over all or part of the provider's property, or order its winding up.
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Contact Us →Chapter XI: Supervisory, Enforcement and Administrative Examination Powers
Definitions – Chapter XI§
64.
In this Chapter –
"article" – as defined in the Criminal Procedure Ordinance (Arrest and Search) [New Version], 5729-1969;
"document" – including a printout as defined in the Computers Law, 5755-1995;
"Criminal Procedure Ordinance (Arrest and Search)" – the Criminal Procedure Ordinance (Arrest and Search) [New Version], 5729-1969.
Provision of information and documents§
65.
The Supervisor or a person authorised by the Supervisor for this purpose may require any financial service provider and any office holder therein to furnish any information and document relating to its business and to show to the Supervisor or to the Supervisor's representatives any register, account, certificate or other document in its possession relating to its business.
Supervisory authorised persons§
66.
(a)The Supervisor shall authorise, from among the employees of the Supervisor's office, inspectors for the purpose of exercising the powers under sections 67 and 68 (in this Chapter – supervisory authorised persons).
(b)A person shall not be authorised as a supervisory authorised person pursuant to the provisions of subsection (a) unless all of the following conditions are met:
(1)the Israel Police has notified, within three months of the Supervisor's approach to it, that it does not object to the authorisation on public safety grounds, including on account of the person's criminal record;
(2)the person has received appropriate training in the area of the powers that will be vested in the person under sections 67 and 68, as determined by the Minister with the consent of the Minister for Internal Security;
(3)the person meets additional qualification requirements, as directed by the Minister in consultation with the Minister for Internal Security.
Supervisory and enforcement powers§
67.
(a)For the purpose of supervising compliance with the provisions under this Law, the Supervisor or a supervisory authorised person may –
(1)require any person to furnish their name and address and to present to the Supervisor or supervisory authorised person an identity card or other official document identifying that person;
(2)require any person concerned to furnish any information or document relating to the business of a person to whom this Law applies, or relating to an offence under this Law;
(3)enter any premises in respect of which there are reasonable grounds to believe that a financial service provider is operating therein, provided that the Supervisor or supervisory authorised person shall not enter premises used solely as a residence except pursuant to an Order of a court.
(b)Where a suspicion arises that an offence under this Law has been committed in connection with engaging in the provision of a service in a financial asset or in the provision of credit, as defined in Chapter III, the Supervisor or a supervisory authorised person may seize any object connected to such offence; the provisions of Chapter IV of the Criminal Procedure Ordinance (Arrest and Search) shall apply to a seizure under this paragraph, with the necessary modifications.
Administrative examination powers§
68.
(a)Where the Supervisor has reasonable grounds to believe that a person has committed a breach of a provision under this Law applicable to that person (in this section – the violator and the breach, respectively), the Supervisor may, for reasons that shall be recorded, authorise a supervisory authorised person, in addition to the powers referred to in section 67, to –
(1)apply to a judge of a Magistrate's Court for an Order directed to a person who is presumed to have in their possession or control an object or document required for the purpose of examining the breach, to present to the supervisory authorised person the object or document or to produce it, at the time, place and in the manner specified in the Order;
(2)summon the violator and question the violator in connection with that breach; a summons under this paragraph shall be issued for a reasonable time and at a place to be coordinated with the violator.
(b)An Order under subsection (a)(1) shall not be issued unless one of the following has occurred:
(1)the person in respect of whom the Order is issued was required by the supervisory authorised person to present to the supervisory authorised person the object or document, and failed to do so;
(2)a requirement as referred to in paragraph (1) is liable to prejudice the examination of the breach due to a concern that evidence may be concealed or impaired.
(c)Where the violator has been summoned pursuant to subsection (a)(2), the supervisory authorised person shall notify the summoned violator, before the commencement of the questioning, of the acts in respect of the breach of which the violator will be questioned; the summoned violator shall answer the questions posed, and the violator's answers shall not be used as evidence in criminal proceedings or civil proceedings against the violator.
Duty of identification§
69.
The Supervisor or a supervisory authorised person shall not exercise the powers vested in them under sections 67 and 68 except in the performance of their duties and while openly wearing a tag identifying them and their function, and provided that they also hold a certificate attesting to their function and powers, which shall be presented upon request; such a certificate of a supervisory authorised person shall be signed by the Supervisor.
Order for the cessation or prevention of engagement without a licence§
70.
(a)Where the Supervisor has reasonable grounds to believe that a person who does not hold a licence for the provision of financial services is engaging or is about to engage in the provision of financial services, the Supervisor may order that person, in writing, to cease such engagement or to refrain from it, as the case may be.
(b)The Supervisor shall not issue an Order as referred to in subsection (a) except after obtaining the approval of a Magistrate's Court therefor, and upon the occurrence of one of the following:
(1)the Supervisor required that person to cease the engagement or to refrain from it within a period directed in the requirement, and that person failed to do so;
(2)the public interest requires that an Order be issued for the cessation or prevention of the engagement without delay.
(c)The Supervisor shall publish the text of the Order on the Supervisor's website shortly after it is issued; where an application for the cancellation of the Order has been submitted pursuant to subsection (d), the Supervisor shall also publish notice of the application.
(d)A person who considers themselves aggrieved by an Order issued under this section may submit to a Magistrate's Court an application for its cancellation within 30 days of the date of issuance of the Order.
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Contact Us →Chapter XI-A: Financial Cost Comparison Service
70a.§
(Repealed — תשפ״ב)
70b.§
(Repealed — תשפ״ב)
70c.§
(Repealed — תשפ״ב)
70d.§
(Repealed — תשפ״ב)
70e.§
(Repealed — תשפ״ב)
70f.§
(Repealed — תשפ״ב)
70g.§
(Repealed — תשפ״ב)
70h.§
(Repealed — תשפ״ב)
70i.§
(Repealed — תשפ״ב)
70j.§
(Repealed — תשפ״ב)
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Contact Us →Chapter XII: Financial Penalty
Section A: Imposition of a Financial Penalty
Definitions – Chapter XII§
71.
In this Chapter –
"the basic amount" –
(1)in respect of a financial service provider that is a corporation, as set out below, as the case may be:
(a)in respect of a holder of a licence to provide credit –
(1)if the holder holds a basic licence – NIS 58,030;
(2)if the holder holds an extended licence and the credit portfolio does not exceed NIS 300 million – NIS 232,110;
(3)if the holder holds an extended licence and the credit portfolio exceeds NIS 300 million – NIS 348,170;
(b)in respect of a holder of a licence to provide a service in a financial asset –
(1)if the holder holds a basic licence – NIS 58,030;
(2)if the holder holds an extended licence – NIS 232,110;
(c)in respect of a holder of a licence to provide deposit and credit services –
(1)if the holder holds a basic licence – NIS 58,030;
(2)if the holder holds an extended licence and both the credit portfolio and the deposit portfolio do not each exceed NIS 300 million – NIS 116,060;
(3)if the holder holds an extended licence and the credit portfolio or the deposit portfolio exceeds NIS 300 million – NIS 232,110;
(d)(Repealed)
(e)in respect of a holder of a licence to operate a credit intermediation system –
(1)if the credit portfolio does not exceed NIS 100 million – NIS 58,030;
(2)if the credit portfolio exceeds NIS 100 million – NIS 232,110;
(2)in respect of a holder of means of control in a financial service provider that is a corporation – NIS 29,010;
(3)in respect of an office holder in a financial service provider – NIS 17,410;
(4)in respect of a financial service provider that is an individual – NIS 17,410;
(5)(Repealed)
"cost comparison service provider" – (Repealed)
"financial service provider" – including a person whose licence has been revoked and to whom the provisions of section 24(a) apply, or the provisions of section 25h, 25o or 25x, which apply the said section 24(a), as the case may be.
Financial penalty§
72.
(a)Where a person has breached a provision of the provisions under this Law as detailed below, the Supervisor may impose on that person a financial penalty pursuant to the provisions of this Chapter, in the amount of NIS 116,060 for an individual, and if the person is a corporation – NIS 290,140:
(1)a person who engaged in the provision of a service in a financial asset or in the provision of credit without a licence for the provision of a service in a financial asset or a licence for the provision of credit, as the case may be, contrary to the provisions of section 12(a);
(1a)an association that is not a banking corporation that engaged in the provision of deposit and credit services, at a scope of activity below that of a banking scope of activity, without a licence for the provision of deposit and credit services, contrary to the provisions of section 25b(a);
(1b)(Repealed)
(1c)a person who engaged in the operation of a credit brokerage system without a licence to operate a credit brokerage system, contrary to the provisions of section 25r;
(2)a person who controlled a financial service provider that is a corporation or held an interest in such a financial service provider without a permit from the Supervisor, contrary to the provisions of section 26.
(b)Where a person has breached a provision of the provisions under this Law, as detailed below, the Supervisor may impose on that person a financial penalty pursuant to the provisions of this Chapter, in the base amount:
(1)a person who breached a provision of the Supervisor's directives issued under section 4;
(2)a financial service provider that breached a condition of its licence, contrary to the provisions of sections 12(a), 25b(a), 25k or 25r, as the case may be;
(3)a financial service provider that did not display a copy of the licence or did not indicate the licence number, contrary to the provisions of section 21(b) or contrary to the provisions of section 25h, 25o or 25x, which apply section 21(b) as aforesaid, as the case may be;
(4)a financial service provider that did not notify the Supervisor of a change that occurred in a particular item of information that it had provided to the Supervisor or of the fact that an indictment had been filed against it, contrary to the provisions of section 22 or contrary to the provisions of section 25h, 25o or 25x, which apply section 22 as aforesaid, as the case may be;
(5)a person who acted contrary to the conditions prescribed in a permit received, pursuant to the provisions of section 26;
(6)a holder of means of control in a financial service provider by virtue of a transfer by operation of law who did not comply with a directive of the Supervisor issued pursuant to section 29(b) or (c);
(7)a holder of means of control in a financial service provider that is a corporation who did not provide a report in accordance with the provisions under section 30;
(8)a financial service provider that appointed an office holder or did not terminate the office holder's tenure, contrary to the provisions of section 31;
(9)an office holder in a financial service provider who served contrary to the provisions of section 31;
(10)a financial service provider whose board of directors has fewer than three members serving on it, contrary to the provisions of section 33(a);
(11)a financial service provider or a director who breached a provision of the directives issued by the Supervisor pursuant to section 33(b);
(11a)a financial service provider that did not appoint a general manager, contrary to the provisions of section 33a;
(12)a financial service provider that did not appoint an auditor, contrary to the provisions of section 34(a), or that did not give the Supervisor notice of the intention to appoint an auditor in accordance with the provisions of section 34(a1), or that appointed an auditor or did not terminate the auditor's tenure, contrary to the Supervisor's directives issued pursuant to section 32(b) or (c) as applied by section 34(a1);
(13)an auditor who did not give notice of a breach to the general manager or to the Supervisor, contrary to the provisions of section 34(b);
(14)a financial service provider that appointed an office holder or another position holder or did not terminate the office holder's or position holder's tenure, contrary to the provisions of section 35(a), as well as an office holder in a financial service provider who served contrary to the provisions of that section;
(15)a financial service provider, an office holder in a financial service provider or another position holder who breached a provision of the provisions prescribed by the Minister pursuant to section 35(b);
(16)a general manager of a financial service provider that is a corporation, or a partner in a corporation that is a partnership, who did not establish rules and procedures or did not appoint a person responsible for their implementation and supervision of their observance, contrary to the provisions of section 36(a);
(17)a financial service provider that breached a provision of the Supervisor's directives issued pursuant to section 38;
(17a)a holder of a licence for the provision of deposit and credit services who engaged in an occupation other than as referred to in section 38a;
(17b)a holder of a licence for the provision of deposit and credit services who controlled a corporation, or held an interest in it, without approval from the Supervisor, contrary to the provisions of section 38b;
(17c)(Repealed)
(17d)a holder of a licence to operate a credit brokerage system who did not manage funds in a trust account, contrary to the provisions of section 38e(a);
(17e)a holder of a licence to operate a credit brokerage system who acted contrary to the Supervisor's directives concerning the management of a trust account, issued in accordance with the provisions of section 38e(c);
(17f)a holder of a licence to operate a credit brokerage system who acted in a conflict of interests contrary to the conditions prescribed by the Supervisor or to the directives issued by the Supervisor pursuant to section 38f(b) or (c);
(17g)a holder of a licence to operate a credit brokerage system who disclosed the identifying particulars of a customer to another customer, contrary to the provisions under section 38g;
(18)a financial service provider that did not submit a report or notice in accordance with the provisions under section 39;
(19)a financial service provider that is a corporation holding an extended licence, that did not include in the minutes of the general meeting the required particulars, contrary to the provisions of section 40(a);
(20)a person who was present at or voted in a general meeting of a financial service provider that is a corporation and did not furnish particulars to the Supervisor upon the Supervisor's request, contrary to the provisions of section 40(b);
(21)a financial service provider that did anything liable to mislead a customer in a material matter in a transaction, contrary to the provisions of section 41;
(22)a person who published a misleading advertisement contrary to the provisions of section 42(c);
(23)a financial service provider that exercised undue influence contrary to the provisions of section 43(b), except for paragraph (6) thereof;
(24)a financial service provider that made the provision of a financial service conditional on the purchase of another asset or service, from itself or from another person, contrary to the provisions of section 44;
(24a)(Repealed)
(24b)(Repealed)
(24c)a holder of a licence for the provision of credit or a holder of a licence for the provision of deposit and credit services who charged a fee for processing a housing loan application, contrary to the provisions of section 44e;
(25)a financial service provider that engaged in the provision of financial services by way of peddling contrary to the provisions of section 45;
(26)a holder of a licence for the provision of credit or a holder of a licence to operate a credit brokerage system who entered into a transaction with a minor or with a person who has reached 18 years of age but has not yet reached 21 years of age, contrary to the provisions of section 46(a), or a holder of a licence for the provision of deposit and credit services who entered into a transaction with a minor, contrary to the provisions of section 46(a1);
(26a)a financial service provider that published an advertisement directed at minors contrary to the provisions of section 46(b);
(27)a financial service provider that did not disclose a material particular to a customer pursuant to the provisions of section 47(a), that published an advertisement or adopted another marketing method that did not include the name of the lender or credit provider, or that was not accompanied by a warning, contrary to the provisions of section 47(a1), or that breached a duty concerning proper disclosure prescribed pursuant to the provisions of section 47(b);
(28)a financial service provider that did not draw up a contract in writing, or that did not include in it the required particulars, contrary to the provisions prescribed pursuant to section 48(a), or that did not give the customer a reasonable opportunity to review the contract, or did not provide the customer with a copy as referred to in section 48(b);
(29)a financial service provider that did not comply with a provision of the Supervisor's directives concerning a contract for the provision of financial services or concerning other information intended for a customer, contrary to the provisions of section 49;
(30)a holder of a licence for the provision of credit, a holder of a licence for the provision of deposit and credit services or a holder of a licence to operate a credit brokerage system who did not enable a person who received a loan from that holder or through that holder to repay the outstanding balance of the loan before the date set for its repayment, contrary to the provisions of section 50;
(30a)a holder of a licence to operate a credit brokerage system who did not provide the lender with information in accordance with the provisions of section 50b(c);
(30b)a holder of a licence to operate a credit brokerage system who did not return to the lender the funds demanded pursuant to section 50b(e);
(30c)a holder of a licence to operate a credit brokerage system who did not report to the lender the failure to allocate all the funds transferred to the holder by the lender to borrowers, contrary to the provisions under section 50b(f);
(30d)a holder of a licence to operate a credit brokerage system who did not act to collect the credit repayment from the borrower by the date set for its repayment, contrary to the provisions of section 50b(g), or who did not take reasonable collection and demand measures for the purpose of collecting the debt from the borrower, contrary to the provisions under that section;
(30e)a holder of a licence to operate a credit brokerage system who breached a provision of the directives issued by the Supervisor pursuant to section 50b(h);
(30f)a holder of a licence to operate a credit brokerage system who did not provide the borrower with information in accordance with the provisions of section 50c(a);
(30g)a holder of a licence to operate a credit brokerage system who breached a provision of the directives issued by the Supervisor pursuant to section 50c(b);
(30h)a holder of a licence to operate a credit brokerage system who did not publish on its website the particulars enumerated in section 50d;
(31)a financial service provider that did not remedy a deficiency in accordance with a directive of the Supervisor, contrary to the provisions of section 53(a);
(32)a financial service provider that did not remedy defects or prevent their harmful effect, in accordance with a directive of the Supervisor issued pursuant to section 54;
(33)a financial service provider that did not give notice of the winding up of its business as referred to in section 61;
(34)a person who did not furnish information or a document to the Supervisor or to a person authorised by the Supervisor, upon the Supervisor's request, contrary to the provisions of section 65;
(35)a person who did not furnish to the Supervisor or to a supervisory authorised person information or a document upon a request issued pursuant to section 67(a)(2).
(35a)(Repealed)
(35b)(Repealed)
(35c)(Repealed)
(35d)(Repealed)
(35e)(Repealed)
(35f)(Repealed)
(36)a financial service provider that did not retain documents in accordance with the Supervisor's directives issued pursuant to section 96a.
(c)Where a person has breached a provision of the provisions under this Law, as detailed below, the Supervisor may impose on that person a financial penalty pursuant to the provisions of this Chapter, at a rate of double the base amount:
(1)a financial service provider that engaged in the provision of a financial service at an extensive scope of activity without an extended licence, contrary to the provisions of section 12(b) or (c), 25b(b) or (c) or 25r(b) or (c), as the case may be;
(2)a person whose licence has been revoked who breached a provision of the Supervisor's directives issued pursuant to section 24 or pursuant to sections 25h, 25o or 25x, which apply section 24 as aforesaid, as the case may be;
(3)a financial service provider whose equity capital is lower than the minimum equity capital or is not free of a charge (security interest) or attachment, contrary to the provisions of section 37;
(3a)a holder of a licence to operate a credit brokerage system who engaged in the provision of credit without approval from the Supervisor, contrary to the provisions of section 38f(a), or who acted contrary to the conditions of such approval;
(4)a financial service provider or an office holder in a financial service provider that is a corporation, who did not act in accordance with the Supervisor's directives issued pursuant to sections 55 or 56;
(5)a financial service provider or an office holder in a financial service provider who did not furnish to the special supervisor or to the authorised administrator information or a document required to be furnished, contrary to the provisions of section 59;
(6)a person who breached a provision of the Supervisor's directives issued pursuant to sections 62 or 63(b).
(7)a holder of a licence for the provision of deposit and credit services who did not act in accordance with the restrictions prescribed by the Supervisor concerning the number of members in the association pursuant to section 99a(a)(6).
(d)Notwithstanding the provisions of subsections (b) and (c) –
(1)a financial penalty shall not be imposed on a junior employee; in this subsection, "junior employee" – a salaried employee of a financial service provider who is not an office holder in the financial service provider and who has no employees subordinate to the junior employee, except for an individual holding a licence under this Law;
(2)a financial penalty shall not be imposed on a salaried employee of a financial service provider who is not an office holder in the financial service provider and is not a junior employee therein, if in the act constituting the breach the employee did not deviate from the practices of the financial service provider or from a directive of the employee's superior.
Requirement to Remedy a Breach by an Office Holder or in Connection with a Conflict of Interests§
73.
(a)Where the Supervisor has found that an office holder in a financial service provider that is a corporation has committed a breach of a provision in respect of which a financial penalty may be imposed on that office holder as referred to in section 72(b) or (c), or that a financial service provider has committed a breach of a provision as referred to in section 72(b)(14), the Supervisor shall require that office holder or financial service provider, before imposing a financial penalty on them as aforesaid, to remedy the breach, and shall warn them, in writing, that if the breach is not remedied within 30 days of the date of delivery of the notice pursuant to this subsection, a notice of intent to charge shall be delivered to them pursuant to section 74.
(b)Where the office holder or the financial service provider has not remedied the breach as referred to in subsection (a), the Supervisor may impose a financial penalty on them pursuant to the provisions of this Chapter.
Notice of Intent to Charge§
74.
(a)Where the Supervisor has reasonable grounds to believe that a person has committed a breach of any of the provisions pursuant to this Law as referred to in section 72 (in this Chapter – the violator), and intends to impose a financial penalty on that person pursuant to that section, the Supervisor shall deliver to the violator a notice of the intention to impose a financial penalty (in this Chapter – notice of intent to charge).
(b)In the notice of intent to charge, the Supervisor shall indicate, inter alia, the following:
(1)the act or omission (in this Chapter – the act) constituting the breach;
(2)the amount of the financial penalty and the period for its payment;
(3)the violator's right to submit arguments before the Supervisor or a person authorised by the Supervisor from among the Supervisor's employees for this purpose, in accordance with the provisions of section 75;
(4)the authority to add to the amount of the financial penalty in respect of a continuing breach or a recurring breach pursuant to the provisions of section 77, and the date from which the breach shall be deemed a continuing breach for the purposes of that section.
(c)A violator to whom a notice of intent to charge has been delivered is entitled to receive all information relating to the breach which, in the Supervisor's opinion, is necessary for the purpose of making a decision pursuant to section 76 and which there is no bar to disclosing under any law; such information shall be made available to the violator at the Supervisor's office from the date of delivery of the notice as aforesaid.
Right to Be Heard§
75.
(a)A violator to whom a notice of intent to charge has been delivered pursuant to the provisions of section 74 may submit arguments, in writing or orally, before the Supervisor or before a person authorised by the Supervisor from among the Supervisor's employees for this purpose, regarding the intention to impose a financial penalty on them and regarding its amount, within 30 days of the date of delivery of the notice, and the Supervisor may extend the said period by an additional period not exceeding 30 days.
(b)In the course of the hearing on the breach, minutes shall be kept that reflect what was said and what occurred at the hearing and that is relevant to the proceedings; the violator is entitled to receive, at the conclusion of the hearing or shortly thereafter, a copy of the minutes.
Decision of the Supervisor and Demand for Payment§
76.
(a)The Supervisor shall decide, after having considered the arguments submitted pursuant to section 75, whether to impose a financial penalty on the violator, and may reduce the amount of the financial penalty pursuant to the provisions of section 78.
(b)Where the Supervisor has decided pursuant to subsection (a) –
(1)to impose a financial penalty on the violator – the Supervisor shall deliver to the violator a demand, in writing, to pay the financial penalty (in this Chapter – demand for payment), in which the Supervisor shall indicate, inter alia, the updated amount of the financial penalty and the period for its payment;
(2)not to impose a financial penalty on the violator – the Supervisor shall deliver to the violator a notice to that effect, in writing.
(c)In the demand for payment or in the notice, pursuant to subsection (b), the Supervisor shall set out the reasons for the decision.
(d)Where the violator has not submitted arguments pursuant to the provisions of section 75 within the period referred to in that section, the notice of intent to charge shall be deemed, at the expiry of that period, to be a demand for payment delivered to the violator at that date.
Continuing Breach and Recurring Breach§
77.
(a)In the case of a continuing breach, one fiftieth of the financial penalty prescribed for that breach shall be added to the financial penalty for each day on which the breach continues.
(b)In the case of a recurring breach, an amount equal to the financial penalty prescribed for that breach shall be added to the financial penalty; for this purpose, "recurring breach" – a breach of any of the provisions pursuant to this Law as referred to in section 72, within two years of a previous breach of the same provision in respect of which a financial penalty was imposed on the violator or in respect of which the violator was convicted.
Reduced Amounts§
78.
(a)The Supervisor may not impose a financial penalty in an amount lower than the amounts prescribed in this Chapter, except pursuant to the provisions of subsection (b).
(b)The Minister, with the consent of the Minister of Justice and with the approval of the Finance Committee of the Knesset, may prescribe cases, circumstances and considerations by virtue of which it shall be possible to impose a financial penalty in an amount lower than the amounts prescribed in this Chapter, and at rates to be prescribed by the Minister.
Updated Amount of the Financial Penalty§
79.
(a)The financial penalty shall be in accordance with its updated amount on the date of delivery of the demand for payment, and in respect of a violator who has not submitted arguments before the Supervisor or a person authorised by the Supervisor in accordance with the provisions of section 76(d) – on the date of delivery of the notice of intent to charge; where an appeal has been filed with a court pursuant to section 89 and the payment of the financial penalty has been stayed by the Supervisor or by the court – the financial penalty shall be in accordance with its updated amount on the date of the decision on the appeal.
(b)The amounts of the financial penalty prescribed in sections 71 and 72 shall be updated on 1 January of each year (in this subsection – the update date), in accordance with the rate of change in the index known on the update date compared with the index known on 1 January of the preceding year; the said amounts shall be rounded to the nearest amount that is a multiple of NIS 10; for this purpose, "index" – the consumer price index published by the Central Bureau of Statistics.
(c)The Supervisor shall publish in the Reshumot (Official Gazette) a notice of the updated amounts of the financial penalty pursuant to subsection (b).
Time for Payment of the Financial Penalty§
80.
The violator shall pay the financial penalty within 30 days of the date of delivery of the demand for payment as referred to in section 76.
Shekel Interest and Default Charges§
81.
Where a violator has not paid a financial penalty on time, shekel interest and default charges shall be added to the financial penalty for the period of the default, until its payment, and the provisions of the Interest and Linkage Adjudication Law shall apply, with the necessary modifications.
Collection§
82.
A financial penalty shall be collected for the State Treasury, and the provisions of the Fines, Fees and Costs Collection Authority Law, 5755-1995 shall apply to its collection.
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